Document:

ex10_1.htm

    
      

    

    
      ROOMLINX,
        INC.

       

      SECURITIES
        PURCHASE AGREEMENT

       

      This
        Securities Purchase Agreement (this “Agreement”) is made as of _______
        __, 2007 by and between RoomLinX, Inc., a Nevada corporation (the
“Company”), and the investors signatory hereto.

      

      In
        consideration of the mutual covenants and agreements set forth herein and
        for
        other good and valuable consideration, the receipt and sufficiency of which
        are
        hereby acknowledged, and intending to be legally bound hereby, the parties
        hereto agree as follows:

      

      1.           Purchase
        and Sale of Securities.

       

      1.1           Debenture
        Sale and Issuance; Option to Purchase Additional Convertible Debentures;
        Preferred Stock
        Terms. 

       

      (a)           Subject
        to the terms and conditions of this Agreement and in reliance on the
        representations and warranties set forth or referred to herein, the Company
        hereby agrees to sell and issue to each investor signatory hereto (collectively,
        the "Investors", and each, individually an "Investor"), and each
        Investor hereby severally agrees to purchase from the Company, the principal
        amount of Convertible Debentures set forth as "Amount of Investment" on the
        signature pages hereto (the “Purchase Price”), such Convertible
        Debentures to be in the form attached hereto as Exhibit A (the
        "Debentures").  The Debentures will initially be convertible
        into Series B Preferred Stock of the Company, par value $.20 per share
        (“Series B Stock”) which Series B Stock will be convertible, upon the
        Triggering Event (as hereinafter defined), into that number of shares of
        Common
        Stock, par value $.001 per share of the Company ("Common Stock"), at a
        rate such that the Series B Stock would convert into the same number of shares
        of Common Stock (the “Common Stock Debenture Shares”) as if the
        conversion of the Debenture had in fact been made into shares of Common Stock
        equal to the original principal amount of such Investor's Debentures divided
        by
        $0.02 (the “Fixed Conversion Price”).  The aggregate principal
        amount of Debentures to be issued and sold hereunder to all Investors shall
        be
        up to $3,500,000.

       

      (b)           In
        connection with the purchase and sale of the Debentures hereunder and in
        addition thereto, the Company hereby grants to each Investor the option to
        purchase from the Company, in such Investor’s sole and absolute discretion, up
        to the principal amount of additional Convertible Debentures (the
“Option”) equal to fifty percent (50%) of the Purchase Price (the
“Additional Convertible Debentures”; together with the Debentures being
        purchased pursuant to Section 1.1(a), the “Securities”), in the form
        attached hereto as Exhibit B.  The Additional Convertible
        Debentures will be identical to the Debentures, except that the Fixed Conversion
        Price thereof will be $.03.  The Option shall be exercisable for a
        period of six (6) months from the Closing (as defined in Section 1.3) by
        delivery to the Company of notice thereof together with the purchase price
        therefor.  Any portion of the Option not exercised within such six (6)
        month period shall be deemed automatically cancelled on the day immediately
        following the date which is six (6) months from the Closing.

       

      
        
          
          

        

        
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      (c)           The
        terms, relative rights, preferences and limitations of the Series B Stock
        (“Preferred Stock Terms”) into which the Securities may be converted are
        as set forth in Exhibit C attached hereto.  An Investor may
        request at any time that the Company file the Preferred Stock Terms with
        the
        Secretary of State in Nevada.

       

      1.2           Delivery;
        Escrow. Contemporaneously
        with the execution of this Agreement, each Investor is delivering to Westerman
        Ball Ederer Miller and Sharfstein, LLP (the “Escrow Agent”) the Purchase
        Price in the form of a wire transfer of immediately available funds which
        shall
        be held in escrow (the “Escrow”) until the Closing takes place or this
        Agreement is terminated pursuant to Section 1.3.  Together with the
        delivery of the Purchase Price, each Investor is delivering a completed and
        executed signature page of this Agreement.

       

      1.3           Closing;
        Termination; Release of Escrow.

       

      (a)           At
        such time as the Company delivers to the Escrow Agent and the Investor a
        written
        certification that (i) lenders to the Company of an aggregate of at least
        $1,430,500 of outstanding indebtedness have consented to the repayment and
        cancellation of all outstanding amounts owed by the Company to them (including
        principal, interest, penalties, and other charges thereon) thereunder in
        exchange for the repayment by the Company to them of up to $.50 per dollar
        of
        face value of such indebtedness outstanding thereunder and (ii) an aggregate
        of
        at least one million dollars ($1,000,000) has been deposited into Escrow
        from
        Investors hereunder, then the Escrow Agent shall release the Purchase Price
        to
        the Company and upon receipt of the Purchase Price by the Company from the
        Escrow Agent, the Company shall deliver to the Investor the executed Debentures
        purchased hereunder (the “Closing”).

       

      (b)           The
        Company and the Investor may mutually modify the terms of the release of
        the
        Escrow hereunder by delivering a jointly executed written instruction to
        that
        effect to the Escrow Agent.

       

      (c)           Unless
        extended pursuant to Section 1.3(b), in the event that the Closing does not
        take
        place by August 31, 2007, then on the next business day, the Escrow Agent
        shall
        return the Purchase Price to the Investor and this Agreement shall be deemed
        null and void and of no further force or effect.

       

      1.4           Defined
        Terms Used in this Agreement.  In
        addition to the terms defined elsewhere in this Agreement, the following
        terms
        used in this Agreement shall be construed to have the meanings set forth
        below.

       

      “Material
        Adverse Effect” means a material adverse effect on the business, assets
        (including intangible assets), liabilities, financial condition, property
        or
        results of operation of the Company.

       

      “Securities
        Act” means the Securities Act of 1933, as amended.

       

      “Triggering
        Event” means the delivery from the Company to the Investor of a written
        certification that it has available for issuance and approved and reserved
        for
        issuance from its authorized and unissued Common Stock a sufficient number
        of
        shares of Common Stock to provide for the issuance of the Common Stock Debenture
        Shares upon conversion of outstanding Debentures and Addtional Convertible
        Debentures.

       

      
        
          
          

        

        
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      2.           Representations
        and Warranties of the Company.  The
        Company hereby represents and warrants to the Investor that:

       

      2.1           Organization,
        Good Standing and Qualification.  The
        Company is a corporation duly organized, validly existing and in good standing
        under the laws of the State of Nevada and has all requisite corporate power
        and
        authority to carry on its business as presently conducted or proposed to
        be
        conducted.  The Company is duly qualified to transact business and is
        in good standing in each jurisdiction in which the failure so to qualify
        would
        have a Material Adverse Effect.

       

      2.2           Capitalization.  As
        of March 1, 2007, the authorized capital stock of the Company consists
        of:

       

      (a)           5,000,000
        shares of preferred stock, par value $.20 per share (“Preferred Stock”),
        of which 720,000 shares have been designated Series A Preferred Stock, all
        of which are issued and outstanding, and of which 2,000,000 shares have been
        designated Series B Preferred Stock, none of which are issued and
        outstanding immediately prior to the execution hereof.  The rights,
        privileges and preferences of the Preferred Stock are as stated in the Articles
        of Incorporation of the Company.  All of the outstanding shares of
        Preferred Stock have been duly authorized, are fully paid and
        nonassessable.

       

      (b)           245,000,000
        shares of Common Stock, par value $.001 per share, 143,000,000 shares of
        which
        are issued and outstanding.  All of the outstanding shares of Common
        Stock have been duly authorized, are fully paid and nonassessable.

       

      2.3           Authorization.  All
        corporate action on the part of the Company necessary for the authorization,
        execution and delivery of this Agreement and the authorization, issuance
        and
        delivery of the Securities has been taken and this Agreement, when executed
        and
        delivered by the Company and assuming due execution and delivery by the
        Investor, shall constitute a valid and legally binding obligation of the
        Company, enforceable against the Company in accordance with its terms, except
        as
        limited by applicable bankruptcy, insolvency, reorganization, moratorium,
        fraudulent conveyance, or other laws of general application relating to or
        affecting the enforcement of creditors’ rights generally, and as limited by
        laws relating to the availability of specific performance, injunctive relief,
        or
        other equitable remedies.

       

      2.4           Valid
        Issuance of Securities.  The Securities,
        when issued, sold and delivered in accordance with the terms hereof for the
        consideration expressed herein, will be duly and validly issued, fully paid
        and
        nonassessable and free of restrictions on transfer other than restrictions
        on
        transfer under applicable state and federal securities laws.

       

      3.           Representations
        and Warranties of the Investor.  The
        Investor hereby represents and warrants to the Company that:

       

      3.1           Authorization.  The
        Investor has full power and authority to enter into this
        Agreement.  This Agreement, when executed and delivered by the
        Investor, will constitute a valid and legally binding obligation of the
        Investor, enforceable in accordance with its terms, except as limited by
        applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
        conveyance, and any other laws of general application affecting enforcement
        of
        creditors’ rights generally, and as limited by laws relating to the availability
        of a specific performance, injunctive relief, or other equitable
        remedies.

       

      
        
          
          

        

        
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      3.2           Disclosure
        of Information.  The Investor has had an
        opportunity to discuss the Company’s business, management, financial affairs and
        the terms and conditions of the offering of the Securities with the Company’s
        management and has had an opportunity to review the Company’s facilities and has
        had all questions related thereto answered to the full satisfaction of the
        Investor.  The Investor understands that such discussions and any
        written information delivered by the Company to the Investor were intended
        to
        describe the aspects of the Company’s business which the Investor believes to be
        material.
        The Investor understands that no person other than the Company has been
        authorized to make any representation and if made, such representation may
        not
        be relied on.  The Company has not, however, rendered any investment
        advice to the Investor with respect to the suitability of the purchase of
        any of
        the Securities or an investment in the Company

       

      3.3           Restricted
        Securities.  The Investor understands
        that the Securities have not been, and will not be, registered under the
        Securities Act, by reason of a specific exemption from the registration
        provisions of the Securities Act which depends upon, among other things,
        the
        bona fide nature of the investment intent and the accuracy of the Investor’s
        representations as expressed herein.  The Investor understands that
        the Securities are “restricted securities” under applicable U.S. federal and
        state securities laws and that, pursuant to these laws, the Investor must
        hold
        the Securities indefinitely unless
        they are registered with the Securities and Exchange Commission and qualified
        by
        state authorities, or an exemption from such registration and qualification
        requirements is available.  The Investor acknowledges that the Company
        has no obligation to register or qualify the Securities for resale except
        as set
        forth in Section 4.1 hereof.  The Investor further acknowledges that
        if an exemption from registration or qualification is available, it may be
        conditioned on various requirements including, but not limited to, the time
        and
        manner of sale, the holding period for the Securities, and on requirements
        relating to the Company which are outside of the Investor’s control, and which
        the Company is under no obligation and may not be able to satisfy.

       

      3.4           No
        Need for Liquidity.
        The Investor has no need for liquidity in connection with
        its
        purchase of the Securities.  The Investor has the ability to bear the
        economic risks of the Investor’s purchase of the Securities for an indefinite
        period to time.

       

      3.5           Use
        of Proceeds.  The Investor acknowledges
        that a substantial portion of the Purchase Price received by the Company
        hereunder will be used to (i) repay and cancel indebtedness
        of the
        Company (some of which is owed to current shareholders of the Company) as
        contemplated by Section 1.3(a) hereof and (ii) provide for the payment of
        audit and other professional services with the intent to make the Company
        current with its filing requirements under U.S. securities laws.

       

      3.6           Legends.  The
        Investor understands that the Securities and any securities issued in respect
        of
        or exchange for the Securities, may bear one or all of the following
        legends:

       

      (a)           “THE
        SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
        THE
        SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH
        A
        VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF.  NO
        SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION
        STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
        TO THE
        COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF
        1933.”

       

      
        
          
          

        

        
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      (b)           Any
        legend required by the securities laws of any state to the extent such laws
        are
        applicable to the shares represented by the certificate so
        legended.

       

      3.7           Accredited
        Investor.  The Investor is an
“accredited investor” as defined in Rule 501(a) of Regulation D
        promulgated
        under the Securities Act (an “Accredited Investor”) and, if an entity,
        either (i) was not organized for the specific purpose of acquiring the
        Securities or (ii) each of its equity owners, members or partners, as the
        case
        may be, is an Accredited Investor.

       

      3.8           Foreign
        Investors.  If the Investor is not a
        United States person (as defined by Section 7701(a)(30) of the Internal
        Revenue Code of 1986, as amended), such Investor hereby represents that it
        has
        satisfied itself as to the full observance of the laws of its jurisdiction
        in
        connection with any invitation to subscribe for the Securities or any use
        of
        this Agreement, including (i) the legal requirements within its
        jurisdiction for the purchase of the Securities, (ii) any foreign exchange
        restrictions applicable to such purchase, (iii) any governmental or other
        consents that may need to be obtained, and (iv) the income tax and other
        tax consequences, if any, that may be relevant to the purchase, holding,
        redemption, sale, or transfer of the Securities.  Such Investor’s
        subscription and payment for and continued beneficial ownership of the
        Securities, will not violate any applicable securities or other laws of the
        Investor’s jurisdiction.

       

      3.9           Brokers;
        No General Solicitation.Schedule 3.9 hereto
        sets forth the name of the finder or broker, if any, engaged in connection
        with
        the entering into of this Agreement by the Company and the Investor and the
        fee,
        if any, to be paid by the Company to such finder or broker.  Except as
        set forth on such Schedule 3.9, neither the Investor, nor any of its
        officers, employees, agents, directors, holders of capital stock or partners
        has
        engaged the services of a broker, investment banker or finder to contact
        any
        potential investor nor has the Investor or any of the Investor’s officers,
        employees, agents, directors, holders of capital stock or partners, agreed
        to
        pay any commission, fee or other remuneration to any third party to solicit
        or
        contact any potential investor.  Neither the Investor, nor any of its
        officers, directors, employees, agents, holders of capital stock or partners
        has
        (a) engaged in any general solicitation, or (b) published any
        advertisement in connection with the offer and sale of the
        Securities.

       

      3.10           Indemnification.  The
        Investor agrees to indemnify and hold harmless the Company and each of its
        directors, officers, agents, and affiliates from and against any and all
        loss,
        damage or liability due to or arising out of a breach of any representation,
        warranty or covenant of the Investor contained in this Agreement.

       

      3.11           Beneficial
        Ownership Limitations.  At no time shall any Investor,
        together with any “affiliates” of such Investor (as defined in the Securities
        and Exchange Act of 1934, as amended (the “Exchange Act”)) “beneficially own”
(as defined in the Exchange Act) in excess of Four and 99/00 percent (4.99%)
        of
        the outstanding shares of Common Stock of the Company.  Accordingly,
        no Investor shall convert any portion of its Debenture or Additional Convertible
        Debenture if, as a result of such conversion, such Investor (together with
        such
        Investor’s affiliates) would beneficially own in excess of Four and 99/00
        percent (4.99%) of the outstanding shares of Common Stock, inclusive of shares
        of Common Stock beneficially owned by the Investor and acquired other than
        through the conversion of the Debentures or Additional Convertible Debentures,
        without the prior written consent of the Company.

       

      
        
          
          

        

        
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      4.           Miscellaneous.

       

      4.1           Registration
        Rights.

       

      (a)           The
        Company shall file a Registration Statement under the Securities Act on Form
        SB-2 (or an alternative available form if the Company is not eligible to
        file a
        Form SB-2) covering the Common Stock Debenture Shares into which the Securities
        may be converted within one year of the Closing or as soon reasonably
        practicable after shares of the Company’s Common Stock are listed for trading on
        the Over-the-Counter Bulletin Board of the NASD, whichever is
        sooner.

      

      (b)           If
        at any time the Company proposes to register any shares of Common Stock under
        the Securities Act, whether for its own account or for the account of holders
        of
        its securities or both (except with respect to registration statements on
        Form
        S-8 or any successor or similar form), it shall give prompt prior written
        notice
        to the Investor of its intention to do so and the Investor shall have the
        right,
        upon written request delivered to the Company within fifteen (15) days of
        the
        aforementioned notice provided by the Company, to include all or any portion
        of
        Common Stock held by it in the registration initiated by the
        Company.  The Company shall use its best efforts to cause the Common
        Stock as to which registration shall have been so requested to be included
        in
        the securities to be covered by the registration statement proposed to be
        filed
        by the Company, to the extent required to permit the sale or other disposition
        by the Investor of such Common Stock.  The Investor’s right under this
        Section 4.1(b) may be exercised two (2) times.

      

      (c)           In
        the event of a registration of any of the Investor’s Common Stock under this
        Section 4.1, the Company shall pay the customary fees and expenses associated
        with such registration.

      

      4.2           Trading
        Restrictions.  The Investors and their
        affiliates thereof will not trade in the Company’s Common Stock until the
        earlier of (i) the announcement of the Closing of the transactions contemplated
        hereby or (ii) the termination of discussions between the Investor and the
        Company regarding this transaction.  The investors and their
        affiliates will not short sell any of the Company’s Common Stock until all
        Common Stock Debenture Shares have been registered under the Securities Act
        of
        1933, as amended.

       

      4.3           Successors
        and Assigns.  The terms and conditions
        of this Agreement shall inure to the benefit of and be binding upon the
        respective successors and assigns of the parties.  Nothing in this
        Agreement, express or implied, is intended to confer upon any party other
        than
        the parties hereto or their respective successors and assigns any rights,
        remedies, obligations, or liabilities under or by reason of this Agreement,
        except as expressly provided in this Agreement.

       

      
        
          
          

        

        
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      4.4           Governing
        Law.  This Agreement and all acts and
        transactions pursuant hereto and the rights and obligations of the parties
        hereto shall be governed, construed and interpreted in accordance with the
        laws
        of the State of Colorado, without giving effect to principles of conflicts
        of
        law.

       

      4.5           Counterparts.  This
        Agreement may be executed in any number of counterparts, each of which shall
        be
        deemed an original and all of which together shall constitute one
        instrument.

       

      4.6           Titles
        and Subtitles.  The titles and subtitles
        used in this Agreement are used for convenience only and are not to be
        considered in construing or interpreting this Agreement.

       

      4.7           Notices.  Any
        notice required or permitted by this Agreement shall be in writing and shall
        be
        deemed sufficient upon delivery, when delivered personally or by overnight
        courier or sent by fax (upon customary confirmation of receipt), or 48 hours
        after being deposited in the U.S. mail, as certified or registered mail,
        with
        postage prepaid, addressed to the party to be notified at such party’s address
        as set forth on the signature page hereto, or as subsequently modified by
        written notice, and if to the Company, with a copy to Westerman Ball Ederer
        Miller and Sharfstein, LLP, 170 Old Country Road, Suite 400, Mineola, New
        York 11501, Attn: Alan Ederer, Esq.

       

      4.8           Confidentiality.  This
        Agreement is confidential, and none of its provisions or terms shall be
        disclosed to anyone who is not an Investor or prospective Investor, an officer
        or director of the Company or their agents, advisers or legal counsel, unless
        required by law.

       

      4.9           Action
        by Investors. Whenever any and all actions of any type are
        taken by the Investors hereunder, all such actions, including amendments
        to the
        Convertible Debentures, shall be taken only upon the agreement thereto by
        Investors holding in the aggregate more than fifty (50%) percent of the then
        outstanding principal amount of the Convertible Debentures.

       

      4.10           Entire
        Agreement.  This Agreement constitutes
        the entire agreement between the parties hereto pertaining to the subject
        matter
        hereof, and any and all other written or oral agreements relating to the
        subject
        matter hereof existing between the parties hereto are expressly
        canceled.

       

       [SIGNATURE
        PAGE FOLLOWS]

      
        
          
          

        

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

      

        
          	 	
                  THE
                    COMPANY:

                
	 	 
	 	
                  ROOMLINX,
                    INC.

                
	 	 	 
	 	
                  By:

                	 _________________________________________
	 	 	
                  Name:

                
	 	 	
                  Title:

                
	 	 
	 	
                  Address:

                
	 	
                  2150
                    W. 6th
                    Ave., Unit N

                
	 	
                  Broomfield,
                    CO 80020

                
	 	 	 
	 	 	 
	 	
                  THE
                    INVESTOR:

                
	 	 
	 	
                  If
                    an individual:

                
	 	 	 
	 	 	 
	 	
                  By:

                	 _________________________________________
	 	 	
                  Name:

                
	 	 	 
	 	 	 
	 	
                  If
                    an entity:

                
	 	 	 
	 	
                  Name
                    of Entity:_____________________________________

                
	 	 	 
	 	
                  By

                	 _________________________________________
	 	 	
                  Name:

                
	 	 	
                  Title:

                
	 	 	 
	 	
                  Amount
                    of Investment:______________________________

                
	 	 	 
	 	
                  Address
                    of Investor:

                
	 	
                    

                
	 	 _______________________________________________
	 	  
	 	 _______________________________________________

        

      

      
        
          
          

        

        
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      Schedule
        3.9

      

      Finder’s
        Fee

      
        
          
          

        

        
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      EXHIBIT
        A

      FORM
        OF DEBENTURE

      

      NEITHER
        THIS DEBENTURE NOR ANY SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS
        DEBENTURE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE
        "ACT") OR UNDER THE SECURITIES LAWS OF ANY STATE. NEITHER THIS DEBENTURE
        NOR ANY
        SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS DEBENTURE MAY BE SOLD, OFFERED
        FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
        IN
        EFFECT WITH RESPECT TO THE DEBENTURES UNDER SUCH ACT OR AN OPINION OF COUNSEL
        REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
        PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE ACT.

      

      ROOMLINX,
        INC.

      

      CONVERTIBLE
        DEBENTURE

      

      
        	
                $_____________

              	
                _______,
                  2007

              

      

      

      FOR
        VALUE
        RECEIVED, the undersigned RoomLinX, Inc., a Nevada corporation (referred
        to
        herein as "Borrower" or the "Company"), promises to pay to the order of
        [_______________________] ("Lender"), the principal sum of [__________________]
        Dollars ($_______________), or such lesser principal amount as is then
        outstanding on the five (5) year anniversary from the date hereof (the "Maturity
        Date"), and interest thereon at a rate equal to six percent (6%) per annum
        (the
        "Interest Rate"), payable on the last day of each calendar quarter. The
        principal balance then outstanding under this convertible debenture
        ("Debenture") plus accrued but unpaid interest shall be paid in full on the
        Maturity Date along with payment of any other amounts due
        hereunder.

      

      Notwithstanding
        any other provision
        hereof, interest paid or becoming due hereunder shall in no event exceed
        the
        maximum rate permitted by applicable law. Interest due hereunder is payable
        in
        lawful money of the United States of America to the Lender at the address
        set
        forth in the Securities Purchase Agreement (hereinafter defined) or, at the
        election of the Company upon ten (10) days prior written notice to the Lender,
        (i) upon or after the occurrence of the Triggering Event (as hereinafter
        defined), in shares of Common Stock, par value $.001 per share, of the Company
        (“Common Stock”), at the rate of $.025 per share, or a ten percent (10%)
        discounted stock price from the average market price for the twenty (20)
        business days preceding the interest payment date, whichever is greater,
        or (ii)
        prior to the occurrence of the Triggering Event in shares of Series B Preferred
        Stock, par value $.20 per share, of the Company (“Series B Stock”), at a rate
        such that the Series B Stock so paid as interest hereunder would convert
        into
        the same number of shares of Common Stock as if the interest had in fact
        been
        paid in shares of Common Stock.  For purposes hereof, the “Triggering
        Event” shall mean and have been deemed to have occurred immediately upon the
        delivery from the Company to the Lender of a written certification that it
        has a
        sufficient number of shares of Common Stock authorized and available to provide
        for the issuance of the Common Stock into which the principal and accrued
        interest under this Debenture may be converted pursuant to Section 1(a)(i)
        hereof.

      
        
          
          

        

        
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      This
        Debenture is issued pursuant to
        that certain Securities Purchase Agreement ("Securities Purchase Agreement"),
        executed by the Borrower and Lender as of the date hereof. The terms and
        conditions of the Securities Purchase Agreement and all other documents and
        instruments delivered in connection therewith (collectively, the "Loan
        Documents") are incorporated by reference herein and made a part
        hereof.  All capitalized terms not otherwise defined herein shall have
        their respective meanings as set forth in the Securities Purchase
        Agreement.

      

      Section
        1.  Conversion.

      

      (a)           At
        any time from the date hereof through the date that this Debenture is paid
        in
        full, Lender shall have the right, in its sole discretion, to convert the
        principal balance of this Debenture then outstanding plus accrued but unpaid
        interest, in whole or in part, (i) upon or after the occurrence of the
        Triggering Event, into shares of Common Stock at a conversion price equal
        to
        $.02 per share of Common Stock, subject to adjustment as provided herein
        (the
        "Conversion Price"), or (ii) prior to the occurrence of the Triggering Event,
        into shares of Series B Stock, at a conversion price such that such Series
        B
        Stock would convert into the same number of shares of Common Stock as if
        the
        conversion had in fact been made into shares of Common Stock; provided,
however, that at no time shall Lender, together with any “affiliates” of
        Lender (as defined in the Securities and Exchange Act of 1934, as amended
        (the
“Exchange Act”)) “beneficially own” (as defined in the Exchange Act) in excess
        of Four and 99/100 percent (4.99%) of the outstanding shares of Common Stock
        of
        the Company.  Accordingly, Lender may not convert any portion of this
        Debenture if, as a result of such conversion, Lender (together with Lender’s
        affiliates) would beneficially own in excess of Four and 99/100 percent (4.99%)
        of the outstanding shares of Common Stock of the Company, inclusive of shares
        of
        Common Stock beneficially owned by the Lender and acquired other than through
        conversion of this Debenture, without the prior written consent of the
        Company.

      

      (b)           Subject
        to the limitations of Section 1(a), Lender may convert this Debenture at
        the
        then applicable Conversion Price by the surrender of this Debenture (properly
        endorsed) to the Company at the principal office of the Borrower, together
        with
        the form of Notice of Conversion attached hereto as Annex A (a "Notice of
        Conversion"), specifying therein the principal amount of Debenture to be
        converted.  The “Conversion Date” shall be the date that such Notice
        of Conversion is provided hereunder. To effect conversions hereunder, the
        Lender
        shall not be required to physically surrender Debentures to the Borrower
        unless
        the entire principal amount of this Debenture plus all accrued and unpaid
        interest thereon has been so converted. Conversions hereunder shall have
        the
        effect of lowering the outstanding principal amount of this Debenture in
        an
        amount equal to the applicable conversion. The Lender and the Borrower shall
        maintain records showing the principal amount converted and the date of such
        conversions. The Lender and any assignee, by acceptance of this Debenture,
        acknowledge and agree that, by reason of the provisions of this paragraph,
        following conversion of a portion of this Debenture, the unpaid and unconverted
        principal amount of this Debenture may be less than the amount stated on
        the
        face hereof. In the event of the conversion of all or a portion of this
        Debenture, a certificate or certificates for the securities so converted,
        as
        applicable, registered in the name of the Lender, shall be delivered to the
        Lender as soon as practicable after the receipt by Borrower of this Debenture
        and Lender's Notice of Conversion.

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      (c)           In
        addition to the conversion rights above, the Lender shall have the right,
        in its
        sole discretion, to convert the principal balance of this Debenture then
        outstanding plus accrued but unpaid interest, in whole or in part, into equity
        securities of the Borrower being issued in any private offering of equity
        or
        equity-linked securities of the Company consummated prior to the one (1)
        year
        anniversary from the date hereof, upon the terms and conditions of such
        offering, at a conversion price equal to the then effective Conversion Price,
        subject to the limitations set forth in Section 1(a) thereof.

      

      Section
        2.  Conversion
        Price Adjustment.

      

      (a)           If
        the Borrower, at any time while this Debenture is outstanding, (A) shall
        pay a
        stock dividend or otherwise make a distribution or distributions on shares
        of
        its Common Stock or any other equity or equity equivalent securities payable
        in
        shares of Common Stock, (B) subdivide outstanding shares of Common Stock
        into a
        larger number of shares, (C) combine (including by way of reverse stock split)
        outstanding shares of Common Stock into a smaller number of shares, or (D)
        issue
        by reclassification of shares of the Common Stock any shares of capital stock
        of
        the Borrower, then the Conversion Price shall be multiplied by a fraction
        of
        which the numerator shall be the number of shares of Common Stock (excluding
        treasury shares, if any) outstanding before such event and of which the
        denominator shall be the number of shares of Common Stock (excluding treasury
        shares, if any) outstanding after such event. Any adjustment made pursuant
        to
        this paragraph shall become effective immediately after the record date for
        the
        determination of stockholders entitled to receive such dividend or distribution
        and shall become effective immediately after the effective date in the case
        of a
        subdivision, combination or reclassification.

      

      (b)           In
        case of any consolidation or merger of the Borrower with or into another
        corporation or the conveyance of all or substantially all of the assets of
        the
        Borrower to another corporation, this Debenture shall thereafter be convertible
        (to the extent such conversion is permitted hereunder) into the number of
        shares
        of stock or other securities or property to which a holder of the number
        of
        shares of Common Stock of the Borrower deliverable upon conversion of this
        Debenture would have been entitled upon such consolidation, merger or
        conveyance; and, in any such case, appropriate adjustment shall be made in
        the
        application of the provisions herein set forth with respect to the rights
        and
        interest thereafter of the holders of this Debenture, to the end that the
        provisions set forth herein shall be thereafter applicable, as nearly as
        reasonably may be, in relation to any shares of stock or other property
        thereafter deliverable upon the conversion of the Debenture.

      

      Section
        3.  Change of
        Control.  In the event a non-affiliated third party acquires
        voting rights in the Company in excess of fifty percent (50%) in one or a
        series
        of related transactions, the Lender may elect to have the Debenture redeemed
        by
        the Company for its principal balance then outstanding plus all accrued,
        but
        unpaid, interest payments, by making a request to the Company
        therefor.  The Company shall satisfy the redemption request in cash or
        shares of Common Stock, at the Lender’s election.

      

      Section
        4.  Transferability.  This Debenture and any of the
        rights granted hereunder are freely transferable by the Lender, in its sole
        discretion, subject to federal and state securities law restrictions, if
        any.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      Section
        5.  Reservation of
        Stock.  The Borrower covenants that, it will at all times reserve
        and keep available out of its authorized and unissued shares of Series B
        Stock
        solely for the purpose of issuance upon conversion of this Debenture as herein
        provided, free from preemptive rights or any other actual contingent purchase
        rights of persons other than the Lender, not less than such number of shares
        of
        the Series B Stock as shall be issuable upon the conversion of the outstanding
        principal of this Debenture and accrued interest thereon, and upon and after
        the
        occurrence of the Triggering Event, it will at all times reserve and keep
        available out of its authorized and unissued shares of Common Stock solely
        for
        the purpose of issuance upon conversion of this Debenture as herein provided,
        free from preemptive rights or any other actual contingent purchase rights
        of
        persons other than the Lender, not less than such number of shares of the
        Common
        Stock as shall be issuable upon the conversion of the outstanding principal
        amount of this Debenture.  The Borrower covenants that all shares of
        Common Stock that shall be so issuable and all shares of Series B Stock that
        may
        be issuable upon conversion of this Debenture shall, upon issue, be duly
        and
        validly authorized, issued and fully paid, nonassessable.  No consent
        of any other party and no consent, license, approval or authorization of,
        or
        registration or declaration with, any governmental authority, bureau or agency
        is required in connection with the execution, delivery or performance by
        the
        Borrower, or the validity or enforceability of this Debenture other than
        such as
        have been met or obtained. The execution, delivery and performance of this
        Debenture and all other agreements and instruments executed and delivered
        or to
        be executed and delivered pursuant hereto or thereto or the securities issuable
        upon conversion of this will not violate any provision of any existing law
        or
        regulation or any order or decree of any court, regulatory body or
        administrative agency or the certificate of incorporation or by-laws of the
        Borrower or any mortgage, indenture, contract or other agreement to which
        the
        Borrower is a party or by which the Borrower or any property or assets of
        the
        Borrower may be bound.

      

      Section
        6.  No Fractional
        Shares.  Upon a conversion hereunder the Borrower shall not be
        required to issue stock certificates representing fractions of shares of
        Series
        B Stock or Common Stock, and in lieu of any fractional shares which would
        otherwise be issuable, the Borrower shall issue the next highest whole number
        of
        shares of Series B Stock or Common Stock, as the case may be.

      

      Section
        7.  Event of
        Default.   In the event this Debenture is not paid in full or
        converted on or prior to sixty (60) days after the Maturity Date (an “Event of
        Default”), then the Interest Rate shall increase to eighteen percent (18%) per
        annum and the Conversion Price shall be reduced to $.01 per share immediately
        following such Event of Default.

      

      Borrower
        agrees that in the event any amounts due and payable hereunder are collected
        by
        law or through an attorney at law, it shall pay all costs of collection,
        including, without limitation, reasonable attorney's fees.

      

      Nothing
        herein shall limit any right granted to Lender by any other instrument or
        document or by law or equity.

      

      Section
        8.  Registration
        Rights.  The Lender is entitled to certain registration rights
        with respect to the Common Stock issuable upon conversion of this Debenture
        as
        set forth in the Securities Purchase Agreement.

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      Section
        9.  Notices.  Any and all notices, requests,
        documents or other communications or deliveries required or permitted to
        be
        given or delivered hereunder shall be delivered in accordance with the notice
        provisions of the Securities Purchase Agreement.

      

      Section
        10.  Governing
        Law.  This Debenture and the provisions hereof are to be construed
        according to and are governed by the laws of the State of Colorado, without
        regard to principles of conflicts of laws thereof.

      

      Section
        11.  Successors
        and Assigns.  Subject to applicable securities laws, this
        Debenture and the rights and obligations evidenced hereby shall inure to
        the
        benefit of and be binding upon the successors of the Company and the successors
        and permitted assigns of Lender.

       

      Section
        12.  Amendment.  This Debenture may be modified or
        amended or the provisions hereof waived with the written consent of the holders
        of a majority of the then outstanding principal amount of Debentures and
        the
        Company.

       

      Section
        13.  Severability.  Wherever possible, each provision
        of this Debenture shall be interpreted in such manner as to be effective
        and
        valid under applicable law, but if any provision of this Debenture shall
        be
        prohibited by or invalid under applicable law, such provision shall be
        ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provisions or the remaining provisions
        of
        this Debenture.

       

      

      [Signature
        page follows]

       

      
        
          
          

        

        
          14

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Borrower has caused this Debenture to be duly executed
        by a
        duly authorized officer as of the date first above indicated.

      

      

      
        	 	
                ROOMLINX,
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	 
	 	
                Name:

              
	 	
                Title:

              

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

      ANNEX
        A

      

      NOTICE
        OF
        CONVERSION

      To
        Be
        Executed by the Lender

      in
        Order
        to Convert Debenture

      

      The
        undersigned Lender hereby elects to
        convert $__________ currently outstanding and owed under the Convertible
        Debenture issued to [______________________] at a Conversion Price of
        $_____________ (the "Debenture") and to purchase ___________ shares
        of           [circle one:
        Series B Preferred Stock / Common Stock] of RoomLinX, Inc. issuable upon
        conversion of such Debenture, and requests that certificates for such securities
        shall be issued in the name of:

      

      

      ___________________________________________________________

      (please
        print or type name and address)

      

      ___________________________________________________________

      (please
        insert social security or other identifying number)

      

      and
        be
        delivered as follows:

      

      

      ___________________________________________________________

      please
        print or type name and address)

      

      ___________________________________________________________

      (please
        insert social security or other identifying number)

      

      

      Lender
        Name:_______________________________________________

      

      By:________________________________________________________

            Name:

            Title:

      

      Conversion
        Date:___________________________________________

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

      EXHIBIT
        B

      FORM
        OF ADDITIONAL CONVERTIBLE DEBENTURE

      

      NEITHER
        THIS DEBENTURE NOR ANY SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS
        DEBENTURE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
        (THE
        "ACT") OR UNDER THE SECURITIES LAWS OF ANY STATE. NEITHER THIS DEBENTURE
        NOR ANY
        SHARES OF STOCK ISSUABLE UPON CONVERSION OF THIS DEBENTURE MAY BE SOLD, OFFERED
        FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
        IN
        EFFECT WITH RESPECT TO THE DEBENTURES UNDER SUCH ACT OR AN OPINION OF COUNSEL
        REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED
        PURSUANT TO A VALID EXEMPTION THEREFROM UNDER THE ACT.

      

      ROOMLINX,
        INC.

      

      CONVERTIBLE
        DEBENTURE

      

      

      
        	
                $_____________

              	
                _______,
                  2007

              

      

      

      FOR
        VALUE
        RECEIVED, the undersigned RoomLinX, Inc., a Nevada corporation (referred
        to
        herein as "Borrower" or the "Company"), promises to pay to the order of
        [_______________________] ("Lender"), the principal sum of [__________________]
        Dollars ($_______________), or such lesser principal amount as is then
        outstanding on the five (5) year anniversary from the date hereof (the "Maturity
        Date"), and interest thereon at a rate equal to six percent (6%) per annum
        (the
        "Interest Rate"), payable on the last day of each calendar quarter. The
        principal balance then outstanding under this convertible debenture
        ("Debenture") plus accrued but unpaid interest shall be paid in full on the
        Maturity Date along with payment of any other amounts due
        hereunder.

      

      Notwithstanding
        any other provision
        hereof, interest paid or becoming due hereunder shall in no event exceed
        the
        maximum rate permitted by applicable law. Interest due hereunder is payable
        in
        lawful money of the United States of America to the Lender at the address
        set
        forth in the Securities Purchase Agreement (hereinafter defined) or, at the
        election of the Company upon ten (10) days prior written notice to the Lender,
        (i) upon or after the occurrence of the Triggering Event (as hereinafter
        defined), in shares of Common Stock, par value $.001 per share, of the Company
        (“Common Stock”), at the rate of $.025 per share, or a ten percent (10%)
        discounted stock price from the average market price for the twenty (20)
        business days preceding the interest payment date, whichever is greater,
        or (ii)
        prior to the occurrence of the Triggering Event in shares of Series B Preferred
        Stock, par value $.20 per share, of the Company (“Series B Stock”), at a rate
        such that the Series B Stock so paid as interest hereunder would convert
        into
        the same number of shares of Common Stock as if the interest had in fact
        been
        paid in shares of Common Stock.  For purposes hereof, the “Triggering
        Event” shall mean and have been deemed to have occurred immediately upon the
        delivery from the Company to the Lender of a written certification that it
        has a
        sufficient number of shares of Common Stock authorized and available to provide
        for the issuance of the Common Stock into which the principal and accrued
        interest under this Debenture may be converted pursuant to Section 1(a)(i)
        hereof.

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

      This
        Debenture is issued pursuant to
        that certain Securities Purchase Agreement ("Securities Purchase Agreement"),
        executed by the Borrower and Lender as of the date hereof. The terms and
        conditions of the Securities Purchase Agreement and all other documents and
        instruments delivered in connection therewith (collectively, the "Loan
        Documents") are incorporated by reference herein and made a part
        hereof.  All capitalized terms not otherwise defined herein shall have
        their respective meanings as set forth in the Securities Purchase
        Agreement.

      

      Section
        1.  Conversion.

      

      (a)           At
        any time from the date hereof through the date that this Debenture is paid
        in
        full, Lender shall have the right, in its sole discretion, to convert the
        principal balance of this Debenture then outstanding plus accrued but unpaid
        interest, in whole or in part, (i) upon or after the occurrence of the
        Triggering Event, into shares of Common Stock at a conversion price equal
        to
        $.03 per share of Common Stock, subject to adjustment as provided herein
        (the
        "Conversion Price"), or (ii) prior to the occurrence of the Triggering Event,
        into shares of Series B Stock, at a conversion price such that such Series
        B
        Stock would convert into the same number of shares of Common Stock as if
        the
        conversion had in fact been made into shares of Common Stock; provided,
however, that at no time shall Lender, together with any “affiliates” of
        Lender (as defined in the Securities and Exchange Act of 1934, as amended
        (the
“Exchange Act”)) “beneficially own” (as defined in the Exchange Act) in excess
        of Four and 99/100 percent (4.99%) of the outstanding shares of Common Stock
        of
        the Company.  Accordingly, Lender may not convert any portion of this
        Debenture if, as a result of such conversion, Lender (together with Lender’s
        affiliates) would beneficially own in excess of Four and 99/100 percent (4.99%)
        of the outstanding shares of Common Stock of the Company, inclusive of shares
        of
        Common Stock beneficially owned by the Lender and acquired other than through
        conversion of this Debenture, without the prior written consent of the
        Company.

      

      (b)           Subject
        to the limitations of Section 1(a), Lender may convert this Debenture at
        the
        then applicable Conversion Price by the surrender of this Debenture (properly
        endorsed) to the Company at the principal office of the Borrower, together
        with
        the form of Notice of Conversion attached hereto as Annex A (a "Notice of
        Conversion"), specifying therein the principal amount of Debenture to be
        converted.  The “Conversion Date” shall be the date that such Notice
        of Conversion is provided hereunder. To effect conversions hereunder, the
        Lender
        shall not be required to physically surrender Debentures to the Borrower
        unless
        the entire principal amount of this Debenture plus all accrued and unpaid
        interest thereon has been so converted. Conversions hereunder shall have
        the
        effect of lowering the outstanding principal amount of this Debenture in
        an
        amount equal to the applicable conversion. The Lender and the Borrower shall
        maintain records showing the principal amount converted and the date of such
        conversions. The Lender and any assignee, by acceptance of this Debenture,
        acknowledge and agree that, by reason of the provisions of this paragraph,
        following conversion of a portion of this Debenture, the unpaid and unconverted
        principal amount of this Debenture may be less than the amount stated on
        the
        face hereof. In the event of the conversion of all or a portion of this
        Debenture, a certificate or certificates for the securities so converted,
        as
        applicable, registered in the name of the Lender, shall be delivered to the
        Lender as soon as practicable after the receipt by Borrower of this Debenture
        and Lender's Notice of Conversion.

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

      (c)           In
        addition to the conversion rights above, the Lender shall have the right,
        in its
        sole discretion, to convert the principal balance of this Debenture then
        outstanding plus accrued but unpaid interest, in whole or in part, into equity
        securities of the Borrower being issued in any private offering of equity
        or
        equity-linked securities of the Company consummated prior to the one (1)
        year
        anniversary from the date hereof, upon the terms and conditions of such
        offering, at a conversion price equal to the then effective Conversion Price,
        subject to the limitations set forth in Section 1(a) thereof.

      

      Section
        2.  Conversion
        Price Adjustment.

      

      (a)           If
        the Borrower, at any time while this Debenture is outstanding, (A) shall
        pay a
        stock dividend or otherwise make a distribution or distributions on shares
        of
        its Common Stock or any other equity or equity equivalent securities payable
        in
        shares of Common Stock, (B) subdivide outstanding shares of Common Stock
        into a
        larger number of shares, (C) combine (including by way of reverse stock split)
        outstanding shares of Common Stock into a smaller number of shares, or (D)
        issue
        by reclassification of shares of the Common Stock any shares of capital stock
        of
        the Borrower, then the Conversion Price shall be multiplied by a fraction
        of
        which the numerator shall be the number of shares of Common Stock (excluding
        treasury shares, if any) outstanding before such event and of which the
        denominator shall be the number of shares of Common Stock (excluding treasury
        shares, if any) outstanding after such event. Any adjustment made pursuant
        to
        this paragraph shall become effective immediately after the record date for
        the
        determination of stockholders entitled to receive such dividend or distribution
        and shall become effective immediately after the effective date in the case
        of a
        subdivision, combination or reclassification.

      

      (b)           In
        case of any consolidation or merger of the Borrower with or into another
        corporation or the conveyance of all or substantially all of the assets of
        the
        Borrower to another corporation, this Debenture shall thereafter be convertible
        (to the extent such conversion is permitted hereunder) into the number of
        shares
        of stock or other securities or property to which a holder of the number
        of
        shares of Common Stock of the Borrower deliverable upon conversion of this
        Debenture would have been entitled upon such consolidation, merger or
        conveyance; and, in any such case, appropriate adjustment shall be made in
        the
        application of the provisions herein set forth with respect to the rights
        and
        interest thereafter of the holders of this Debenture, to the end that the
        provisions set forth herein shall be thereafter applicable, as nearly as
        reasonably may be, in relation to any shares of stock or other property
        thereafter deliverable upon the conversion of the Debenture.

      

      Section
        3.  Change of
        Control.  In the event a non-affiliated third party acquires
        voting rights in the Company in excess of fifty percent (50%) in one or a
        series
        of related transactions, the Lender may elect to have the Debenture redeemed
        by
        the Company for its principal balance then outstanding plus all accrued,
        but
        unpaid, interest payments, by making a request to the Company
        therefor.  The Company shall satisfy the redemption request in cash or
        shares of Common Stock, at the Lender’s election.

      

      Section
        4.  Transferability.  This Debenture and any of the
        rights granted hereunder are freely transferable by the Lender, in its sole
        discretion, subject to federal and state securities law restrictions, if
        any.

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      Section
        5.  Reservation of
        Stock.  The Borrower covenants that, it will at all times reserve
        and keep available out of its authorized and unissued shares of Series B
        Stock
        solely for the purpose of issuance upon conversion of this Debenture as herein
        provided, free from preemptive rights or any other actual contingent purchase
        rights of persons other than the Lender, not less than such number of shares
        of
        the Series B Stock as shall be issuable upon the conversion of the outstanding
        principal of this Debenture and accrued interest thereon, and upon and after
        the
        occurrence of the Triggering Event, it will at all times reserve and keep
        available out of its authorized and unissued shares of Common Stock solely
        for
        the purpose of issuance upon conversion of this Debenture as herein provided,
        free from preemptive rights or any other actual contingent purchase rights
        of
        persons other than the Lender, not less than such number of shares of the
        Common
        Stock as shall be issuable upon the conversion of the outstanding principal
        amount of this Debenture.  The Borrower covenants that all shares of
        Common Stock that shall be so issuable and all shares of Series B Stock that
        may
        be issuable upon conversion of this Debenture shall, upon issue, be duly
        and
        validly authorized, issued and fully paid, nonassessable.  No consent
        of any other party and no consent, license, approval or authorization of,
        or
        registration or declaration with, any governmental authority, bureau or agency
        is required in connection with the execution, delivery or performance by
        the
        Borrower, or the validity or enforceability of this Debenture other than
        such as
        have been met or obtained. The execution, delivery and performance of this
        Debenture and all other agreements and instruments executed and delivered
        or to
        be executed and delivered pursuant hereto or thereto or the securities issuable
        upon conversion of this will not violate any provision of any existing law
        or
        regulation or any order or decree of any court, regulatory body or
        administrative agency or the certificate of incorporation or by-laws of the
        Borrower or any mortgage, indenture, contract or other agreement to which
        the
        Borrower is a party or by which the Borrower or any property or assets of
        the
        Borrower may be bound.

      

      Section
        6.  No Fractional
        Shares.  Upon a conversion hereunder the Borrower shall not be
        required to issue stock certificates representing fractions of shares of
        Series
        B Stock or Common Stock, and in lieu of any fractional shares which would
        otherwise be issuable, the Borrower shall issue the next highest whole number
        of
        shares of Series B Stock or Common Stock, as the case may be.

      

      Section
        7.  Event of
        Default.   In the event this Debenture is not paid in full or
        converted on or prior to sixty (60) days after the Maturity Date (an “Event of
        Default”), then the Interest Rate shall increase to eighteen percent (18%) per
        annum and the Conversion Price shall be reduced to $.01 per share immediately
        following such Event of Default.

      

      Borrower
        agrees that in the event any amounts due and payable hereunder are collected
        by
        law or through an attorney at law, it shall pay all costs of collection,
        including, without limitation, reasonable attorney's fees.

      

      Nothing
        herein shall limit any right granted to Lender by any other instrument or
        document or by law or equity.

      

      Section
        8.  Registration
        Rights.  The Lender is entitled to certain registration rights
        with respect to the Common Stock issuable upon conversion of this Debenture
        as
        set forth in the Securities Purchase Agreement.

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      Section
        9.  Notices.  Any and all notices, requests,
        documents or other communications or deliveries required or permitted to
        be
        given or delivered hereunder shall be delivered in accordance with the notice
        provisions of the Securities Purchase Agreement.

      

      Section
        10.  Governing
        Law.  This Debenture and the provisions hereof are to be construed
        according to and are governed by the laws of the State of Colorado, without
        regard to principles of conflicts of laws thereof.

      

      Section
        11.  Successors
        and Assigns.  Subject to applicable securities laws, this
        Debenture and the rights and obligations evidenced hereby shall inure to
        the
        benefit of and be binding upon the successors of the Company and the successors
        and permitted assigns of Lender.

       

      Section
        12.  Amendment.  This Debenture may be modified or
        amended or the provisions hereof waived with the written consent of the holders
        of a majority of the then outstanding principal amount of Debentures and
        the
        Company.

       

      Section
        13.  Severability.  Wherever possible, each provision
        of this Debenture shall be interpreted in such manner as to be effective
        and
        valid under applicable law, but if any provision of this Debenture shall
        be
        prohibited by or invalid under applicable law, such provision shall be
        ineffective to the extent of such prohibition or invalidity, without
        invalidating the remainder of such provisions or the remaining provisions
        of
        this Debenture.

       

      

      [Signature
        page follows]

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, the Borrower has caused this Debenture to be duly executed
        by a
        duly authorized officer as of the date first above indicated.

      

      

      
        	 	
                ROOMLINX,
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	
                 

              
	 	
                Name:

              
	 	
                Title:

              

      

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      ANNEX
        A

      

      NOTICE
        OF
        CONVERSION

      To
        Be
        Executed by the Lender

      in
        Order
        to Convert Debenture

      

      The
        undersigned Lender hereby elects to
        convert $__________ currently outstanding and owed under the Convertible
        Debenture issued to [______________________] at a Conversion Price of
        $_____________ (the "Debenture") and to purchase ___________ shares
        of           [circle one:
        Series B Preferred Stock / Common Stock] of RoomLinX, Inc. issuable upon
        conversion of such Debenture, and requests that certificates for such securities
        shall be issued in the name of:

      

      

      ___________________________________________________________

      (please
        print or type name and address)

      

      ___________________________________________________________

      (please
        insert social security or other identifying number)

      

      and
        be
        delivered as follows:

      

      

      ___________________________________________________________

      please
        print or type name and address)

      

      ___________________________________________________________

      (please
        insert social security or other identifying number)

      

      

      Lender
        Name:_______________________________________________

      

      By:________________________________________________________

            Name:

            Title:

      

      Conversion
        Date:___________________________________________

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      EXHIBIT
        C

      

      FORM
        OF CERTIFICATE OF DESIGNATIONS

      OF
        SERIES B PREFERRED STOCK OF

      ROOMLINX,
        INC.

      

      Pursuant
        to NRS 78.1955 of the State of Nevada

      

      ROOMLINX,
        INC., a corporation organized and existing under the laws of the State of
        Nevada
        (the "Corporation"), in accordance with the provisions of Section 78.1955
        of the
        Nevada Revised Statutes,

      

      DOES
        HEREBY CERTIFY:

      

      That
        pursuant to the authority conferred upon the Board of Directors by the Articles
        of Incorporation of the Corporation, as amended, the Board of Directors on
        ________ __, 2007 by unanimous written consent, adopted the following resolution
        creating a series of  ___________ shares of Preferred Stock, $.20 par
        value, designated as "Series B Preferred Stock":

      

      RESOLVED,
        that pursuant to the authority granted to the Board of Directors by the Articles
        of Incorporation, as amended (the "Articles"), the Board of Directors hereby
        authorizes the issuance of ___________ shares of Series B Preferred Stock
        of the
        Corporation and hereby fixes the following designations, powers, preferences
        and
        relative, participating, optional or other special rights, and the
        qualifications, limitations or restrictions thereof, of such shares, in addition
        to those set forth in the Certificate:

      

      Section
        II.   Preferred
        Stock.   The designation of the series of
        Preferred Stock created hereby is Series B Preferred Stock and the number
        of
        shares constituting such series is ___________ (the "Series B Preferred
        Stock" or the "Preferred Stock").  The
        powers, privileges, preferences, rights, restrictions of, and other matters
        relating to the Series B Preferred Stock, are as follows:

      

      
        	
                1.

              	
                Dividends.

              

      

      

      The
        holders of the Series B Preferred
        Stock shall not be entitled to receive dividends.

      

      
        	
                2.

              	
                Liquidation
                  Preference.

              

      

      

      (a)           In
        the event of any liquidation, dissolution, Deemed Liquidation (as hereinafter
        defined) or winding up of the Corporation, whether voluntary or involuntary
        (a
“Liquidation Event”), the holders of the Series B Preferred
        Stock, shall be entitled to receive, prior and in preference to any distribution
        of any of the assets, capital or surplus funds of the Corporation to the
        holders
        of the Company's Common Stock, an amount per share equal to $_________ per
        share
        of Series B Preferred Stock (as adjusted for any stock dividends, combinations,
        splits or the like with respect to such share) (the “Series B
        Liquidation Preference”).  If upon the occurrence of a
        Liquidation Event, (i) the assets, capital and funds thus distributed among
        the
        holders of the Series B Preferred Stock shall be insufficient to permit the
        payment to such holders of the full Series B Liquidation Preference, then
        the
        entire assets and funds of the Corporation legally available for distribution
        shall be distributed ratably among the holders of the Series B Preferred
        Stock
        in proportion to the aggregate Series B Liquidation Preference each such
        holder
        is otherwise entitled to receive or (ii) after payment to the holders of
        the
        Series B Preferred Stock their full Series B Liquidation Preference there
        shall
        remain assets, capital or funds of the Corporation legally available for
        distribution to the holders of the Corporation’s Common Stock, then unless the
        assets of the Corporation are not being liquidated in connection with such
        Liquidation Event, the holders of the Series B Preferred Stock shall be entitled
        to receive a distribution of such remaining assets, capital or funds ratably
        with the holders of the Common Stock as if such Series B Preferred Stock
        had
        been converted into Common Stock.

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      (b)           A
        “Deemed Liquidation” shall mean (A) the acquisition of the
        Corporation by another entity or the acquisition of another entity by the
        Corporation by means of any transaction or series of related transactions
        (including, without limitation, any reorganization, merger, or consolidation
        other than any merger effected exclusively for the purpose of changing the
        domicile of the Corporation) or a sale of all or substantially all of the
        assets
        of the Corporation unless, in the case of any such transaction, series of
        transactions or sale, the Corporation’s stockholders of record as constituted
        immediately prior to such transaction, series of transactions or sale shall,
        immediately after such transaction, series of transactions or sale (by virtue
        of
        securities issued as consideration for the Corporation’s securities or
        otherwise) hold more than 50% of the voting power and economic interest of
        the
        surviving or (in the case of a sale of all or substantially all of the assets
        of
        the Corporation) acquiring entity in the same proportions among such
        stockholders as held by them, and with the same relative powers, privileges,
        preferences, rights and restrictions as among themselves and as against the
        Corporation as, immediately prior to such transaction, series of transactions
        or
        sale, or (B) a transaction or series of transactions in which a person or
        group
        of persons (as defined in Rule 13d-5(b)(1) of the Securities Exchange Act
        of
        1934, as amended (the “Exchange Act”)) acquires or following
        which has acquired beneficial ownership (as determined in accordance with
        Rule
        13d-3 of the Exchange Act) of 50% or more of the voting power or economic
        interest of the Corporation.

      

      (c)           In
        the event of any Deemed Liquidation, if the consideration received is other
        than
        cash, its value shall be deemed to be its Current Market Price (as such term
        is
        defined herein).  The consideration to be received by the holders of
        Series B Preferred Stock in any such transaction shall be of the same type
        (cash, securities or other property) and in the same proportion, as is payable
        to holders of Common Stock as a result of the transaction unless the holders
        of
        a majority of the outstanding shares of Series B Preferred Stock consent
        otherwise.

      

      (d)           
        For purposes hereof, the “Current Market Price” of any asset
        other than cash means:

       

      (i)           in
        the case of a publicly traded security, the average of the daily closing
        prices
        for such security for the 20 consecutive business days commencing 20 business
        days before the date of determination, in which case the closing price for
        each
        day shall be (x) the last reported sales price regular way or, in case no
        such
        reported sale takes place on such day, the average of the reported closing
        bid
        and asked prices regular way, in either case on the principal national
        securities exchange on which such security is listed or admitted to trading,
        or
        (y) if not listed or admitted to trading on any national securities exchange,
        the average of the highest reported bid and lowest reported asked prices
        as
        furnished by the National Association of Securities Dealers, Inc.’s Automated
        Quotation System, or the nearest comparable system; provided that in
        the event that the security for which the Current Market Price is to be
        determined is subject to any restriction on free marketability, then the
        method
        of valuation of such security shall be to take an appropriate discount from
        the
        Current Market Price as determined above to reflect the approximate fair
        market
        value thereof; and

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      (ii)           in
        the case of any other asset, as determined in good faith by the Board of
        Directors.

      

      
        	
                3.

              	
                Redemption.

              

      

      

      The
        Series B Preferred Stock shall not have any redemption or similar
        rights.

      

      
        	
                4.

              	
                Voting
                  Rights.

              

      

      

      Each
        holder of shares of Series B Preferred Stock shall be entitled to the number
        of
        votes equal to the number of shares of Common Stock into which such shares
        of
        Series B Preferred Stock may then be converted and shall have voting rights
        and
        powers equal to the voting rights and powers of the Common Stock (except
        as
        otherwise expressly provided herein or as required by law, voting together
        with
        the Common Stock as a single class) and shall be entitled to notice of any
        stockholders’ meeting in accordance with the By-Laws of the
        Corporation.  Fractional votes shall not, however, be permitted and
        any fractional voting rights shall be rounded upward to the nearest whole
        number.  For avoidance of doubt, each reference herein to a percentage
        or other amount of shares of Series B Preferred Stock, the holders of which
        are
        entitled to consent rights, approval rights or other rights, shall be deemed
        to
        refer to such percentage or other amount of the voting power of such shares
        determined as provided above.

      

      
        	
                5.

              	
                Conversion.

              

      

      

      (a)           Each
        share of Series B Preferred Stock shall automatically be converted into shares
        of Common Stock at the then effective Conversion Price upon the filing of
        an
        amendment to the Corporation’s Articles of Incorporation either providing for an
        increase in the number of authorized shares of Common Stock or providing
        for a
        reverse stock split, in either case to permit the conversion of all outstanding
        shares of Series B Preferred Stock, such date being referred to herein as
        the
“Conversion Date”.  A holder of shares of Series B
        Preferred Stock shall not have the option to convert the shares of Series
        B
        Preferred Stock into Common Stock prior to the Conversion Date.  The
        number of shares of Common Stock into which each share of Series B Preferred
        Stock shall be converted on the Conversion Date shall be determined by dividing
        $________ by the Conversion Price in effect at the time of
        conversion.  The Conversion Price with respect to shares of Series B
        Stock that were acquired upon conversion of Debentures shall initially be
        $.02 per share and the Conversion Price with respect to shares
        of Series B Stock that were acquired upon conversion of Additional Convertible
        Debentures shall initially be $.03 per share (each as adjusted
        for any stock dividends, combinations, splits or the like with respect to
        the
        Series B Preferred Stock).  For purposes hereof,
“Debentures” and “Additional Convertible
        Debentures” shall be defined as they are defined in the Securities
        Purchase Agreement between the Corporation and the investors signatory thereto
        dated as of ______, 2007.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      (b)           A
        holder of Series B Preferred Stock subject to the conversion set forth above
        into shares of Common Stock, shall surrender the certificate or certificates
        representing such shares of Series B Preferred Stock at the principal United
        States office of the Corporation and shall provide such holder’s name or the
        names of the nominees in which such holder wishes the certificate or
        certificates for shares of Common Stock to be issued.  If required by
        the Corporation, certificates surrendered for conversion shall be endorsed
        or
        accompanied by a written instrument or instruments of transfer, in form
        satisfactory to the Corporation, duly executed by the registered holder or
        its
        attorney duly authorized in writing.  The Corporation shall, as soon
        as practicable after the Conversion Date, issue and deliver to such holder,
        or
        to its nominee, at such holder’s address as shown in the records of the
        Corporation, a certificate or certificates for the number of whole shares
        of
        Common Stock issuable upon such conversion in accordance with the provisions
        hereof.

      

      (c)           No
        fractional shares of Common Stock shall be issued upon conversion of shares
        of
        Series B Preferred Stock and, after aggregating all fractional shares subject
        to
        conversion, any remaining fractional share to which the holder would otherwise
        be entitled shall be rounded up to the nearest whole number.

      

      (d)           As
        of the Conversion Date, all shares of Series B Preferred Stock shall no longer
        be deemed to be outstanding, and all rights with respect to such shares shall
        immediately cease and terminate, except only the right of the holders thereof
        to
        receive shares of Common Stock in exchange therefor and the payment of any
        declared and unpaid dividends thereon.  On the Conversion Date, the
        shares of Common Stock issuable upon such conversion shall be deemed to be
        outstanding, and the holder thereof shall be entitled to exercise and enjoy
        all
        rights with respect to such shares of Common Stock.  All shares of
        Series B Preferred Stock shall, from and after the Conversion Date, be deemed
        to
        have been retired and cancelled and shall not be reissued as Preferred Stock,
        and the Corporation may thereafter take such appropriate action as may be
        necessary to reduce accordingly the authorized number of shares of Preferred
        Stock.

      

      (f)           
        The term “Conversion Price” shall mean, as of any time, the
        Conversion Price of the Series B Preferred Stock as specified in paragraph
        (a)
        of this Section II.5 in case no adjustment shall have been required, or such
        Conversion Price as adjusted and further adjusted pursuant to this paragraph
        (f)
        of this Section II.5, as the case may be.

      

      (1)           If
        the Corporation shall effect a subdivision of the outstanding Common Stock,
        the
        Conversion Price then in effect immediately before such subdivision shall
        be
        proportionately decreased.  If the Corporation shall combine the
        outstanding shares of Common Stock, the Conversion Price then in effect
        immediately before the combination shall be proportionately
        increased.  If the Corporation shall make or issue a dividend or other
        distribution payable in securities, then and in each such event provision
        shall
        be made so that the holders of shares of the Series B Preferred Stock shall
        receive upon conversion thereof in addition to the number of shares of Common
        Stock receivable thereupon, the amount of securities that they would have
        received had their Series B Preferred Stock been converted into Common Stock
        on
        the date of such event and had they thereafter during the period from the
        date
        of such event to and including the Conversion Date, retained such securities
        receivable by them as aforesaid during such period giving effect to all
        adjustments called for during such period under this paragraph with respect
        to
        the rights of the holders of the Series B Preferred Stock.  If the
        Corporation shall reclassify its Common Stock (including any reclassification
        in
        connection with a consolidation or merger in which the Corporation is the
        surviving corporation), then and in each such event provision shall be made
        so
        that the holders of Series B Preferred Stock shall receive upon conversion
        thereof, the amount of such reclassified Common Stock that they would have
        received had their Series B Preferred Stock been converted into Common Stock
        immediately prior to such reclassification and had they thereafter during
        the
        period from the date of such event to and including the Conversion Date,
        retained such reclassified Common Stock giving effect to all adjustments
        called
        for during such period under this paragraph with respect to the rights of
        these
        holders of the Series B Preferred Stock.

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

      (2)           Whenever
        the Conversion Price shall be adjusted as provided in this Section II.5,
        the
        Corporation shall forthwith provide notice of such adjustment to each holder
        of
        shares of the Series B Preferred Stock, a statement, certified by the chief
        financial officer of the Corporation, showing in detail the facts requiring
        such
        adjustment and the Conversion Price that shall be in effect after such
        adjustment.  The Corporation shall send such notice and statement by
        first class mail, postage prepaid, to each holder of record of Series B
        Preferred Stock at such holder’s address as shown in the records of the
        Corporation.

      

      (3)           If
        a state of facts shall occur which, without being specifically controlled
        by the
        provisions of this Section II.5, would not fairly protect the conversion
        rights
        of the holders of the Series B Preferred Stock in accordance with the essential
        intent and principles of such provisions, then the Board of Directors of
        the
        Corporation shall make an adjustment in the application of such provisions,
        in
        accordance with such essential intent and principles, so as to protect such
        conversion rights.

      

      IN
        WITNESS WHEREOF, this Certificate has been signed on this ____ day of
        ___________, 2007, and the signature of the undersigned shall constitute
        the
        affirmation and acknowledgement of the undersigned , under penalties of perjury,
        that this Certificate is the act of the undersigned and that the facts stated
        in
        this Certificate are true.

      

      

      
        	 	
                ROOMLINX,
                  INC.

              
	 	 	 
	 	 	 
	 	
                By:

              	 /s/
                Michael S. Wasik	 
	 	
                Name:
                  Michael S. Wasik

              
	 	
                Title:   President

              

      

    

     

     

    28Exhibit 10.7

    
      
        

      

    

    Exhibit
      10.7

     

     

    AMENDMENT
      NO. 1 TO REVOLVING CREDIT AND TERM LOAN AGREEMENT

     

    AGREEMENT
      (this
“Agreement”),
      made
      as of the 12th day of June, 2007, but effective, as respects paragraphs 1(b),
      4
      and 5 below, retroactive to and from and after the date of the Loan Agreement
      described below, by and between COMVEST
      CAPITAL LLC,
      a
      Delaware limited liability company (the “Lender”),
      and
LAPOLLA
      INDUSTRIES, INC.,
      a
      Delaware corporation (the “Borrower”);

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      the
      Lender and the Borrower are parties to a Revolving Credit and Term Loan
      Agreement dated as of February 21, 2007 (the “Loan
      Agreement”),
      the
      terms and conditions of which are hereby incorporated herein by reference);
      and

     

    WHEREAS,
      the
      Borrower has requested certain modifications in and increases to the Revolving
      Credit Commitment, as more particularly set forth below; and

     

    WHEREAS,
      in
      order to effect a technical correction to the Loan Agreement, the Lender has
      requested certain of the amendments to the Loan Agreement set forth herein;
      and

     

    WHEREAS,
      the
      Lender is willing to make such modifications to the Revolving Credit Commitment,
      and the Borrower is in agreement with the amendments proposed by the Lender,
      all
      on the terms and conditions set forth herein;

     

    NOW,
      THEREFORE,
      in
      consideration of the premises and the mutual covenants herein contained, the
      parties hereby agree, effective on and as of the date hereof, as
      follows:

     

    1.    Definitions.

     

    (a)    Except
      as
      otherwise defined herein, all capitalized terms used in this Agreement have
      the
      respective meanings ascribed to them in the Loan Agreement.

     

    (b)    The
      following additional definition is hereby added to Section 1.01 of the Loan
      Agreement in the appropriate alphabetical location:

     

    “Register”
shall
      have the meaning provided in Section 8.03(a) below.

     

    (c)    The
      following further additional definition is hereby added to Section 1.01 of
      the
      Loan Agreement in the appropriate alphabetical location:

     

    “Eligible
      Inventory”
shall
      mean the lower of the fair market value of, or the cost charged by suppliers
      which are not Affiliates of the Borrower for that inventory (whether consisting
      of raw materials, work in process or finished goods, but excluding product
      models or samples) of Borrower or any Domestic Subsidiary which is party to
      the
      Collateral Agreement which (a) is in good and merchantable condition (or, as
      respects work in process, is being processed in the normal course so as to
      promptly become finished goods which will, upon completion, constitute Eligible
      Inventory), (b) meets all standards imposed by any governmental agency having
      regulatory authority over such goods and/or their use, manufacture and/or sale,
      (c) has been physically received in the continental United States by the
      Borrower or the subject Domestic Subsidiary, or has been shipped to the Borrower
      or the subject Domestic Subsidiary with title thereto having passed to the
      Borrower or such Domestic Subsidiary, (d) is currently usable or currently
      saleable in the normal course of the Business Operations, (e) is not on
      consignment to or from any Person, (f) is not subject to any Lien whatsoever,
      except for the Lien of the Lender, which shall be perfected with respect to
      such
      inventory, (g) has not been sold to any Person, and (h) is otherwise
      satisfactory to the Lender in its Permitted Discretion. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.     
      Modifications
      to Revolving Credit Commitment.
      Upon
      satisfaction of the conditions precedent set forth in paragraph 6 below, the
      following amendments shall become effective:

     

    (a)    In
      the
      definition of “Borrowing Base,” clause (b) therein shall be redesignated as
      clause (c), and the following new clause (b) is hereby added: “plus
      (b) 50%
      of Eligible Inventory,”. 

     

    (b)    Section
      2.01(a)(ii) of the Loan Agreement is hereby amended so as to replace the
      reference to “$3,500,000” with the number “$5,000,000”.

     

    (c)    Section
      2.03(b) of the Loan Agreement is hereby amended to add the following sentence
      at
      the end of such Section: “The foregoing notwithstanding, at all times when the
      maximum Revolving Credit Commitment exceeds $3,500,000, such Monitoring Fee
      shall be in the amount of $3,500 per month or portion thereof.”

     

    (d)    The
      Borrower shall have the right, upon written notice to the Lender at any time
      when the outstanding principal amount of Advances is less than $3,500,000,
      to
      revoke the amendments set forth in this paragraph 2, whereupon the affected
      provisions of the Loan Agreement shall be restored to such provisions as same
      were in effect prior to this Agreement. Any such revocation by the Borrower
      shall be permanent and irrevocable, and shall not affect or impair any of the
      other amendments effected by this Agreement (including, without limitation,
      the
      issuance of the additional Warrant as provided in paragraph 6(b)
      below).

     

    3.    
Modifications
      to Existing Warrants.
      Upon
      satisfaction of the conditions precedent set forth in paragraph 6 below (other
      than Section 6(e) below), the following amendments shall become
      effective:

     

    (a)    Outstanding
      Warrant No. CV-1 is hereby amended so as to reduce the Exercise Price thereunder
      to $0.63 per share (subject to adjustment thereafter from time to time as
      provided in such Warrant); and such Warrant shall otherwise remain
      unmodified.

     

    (b)    Outstanding
      Warrant No. CV-2 is hereby amended so as to reduce the Exercise Price thereunder
      to $0.63 per share as to one-half of the shares covered thereby (subject to
      adjustment thereafter from time to time as provided in such Warrant); and such
      Warrant shall otherwise remain unmodified. Any adjustments to the Exercise
      Price
      and the number of shares thereunder shall thereafter be computed separately
      for
      each such portion of such Warrant, and in connection with any exercise of such
      Warrant, the holder thereof shall indicate, in its notice of exercise, the
      portion(s) of such Warrant then being exercised (and the applicable Exercise
      Price(s) in respect thereof).

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (c)    Outstanding
      Warrant No. CV-3 is hereby amended so as to reduce the Exercise Price thereunder
      to $0.77 per share (subject to adjustment thereafter from time to time as
      provided in such Warrant); and such Warrant shall otherwise remain
      unmodified.

     

    4.    
Additional
      Assignment Provisions.

     

    (a)    The
      following new Section 8.03 is hereby added to the Loan Agreement:

     

    “Section
      8.03. Recordation of Assignment.
      In
      respect of any negotiation, transfer or assignment of all or any portion of
      any
      Lender’s interest in this Agreement, any Note and/or any other Loan Documents at
      any time and from time to time, the following provisions shall be
      applicable:

     

    (a)    The
      Borrower, or any agent appointed by the Borrower, shall maintain a register
      (the
“Register”)
      in
      which there shall be recorded the name and address of each Person holding any
      Note(s) hereunder or any commitment to lend hereunder, and the principal amount
      payable to such Person under such Person’s Note(s) or committed by such Person
      under such Person’s lending commitment. The Borrower hereby irrevocably appoints
      the Lender (and/or any subsequent Lender appointed by the Lender then
      maintaining the Register) as the Borrower’s agent for the purpose of maintaining
      the Register.

     

    (b)    In
      connection with any negotiation, transfer or assignment as aforesaid, the
      transferor/assignor shall deliver to the Lender then maintaining the Register
      an
      assignment and assumption agreement executed by the transferor/assignor and
      the
      transferee/assignee, setting forth the specifics of the subject transaction,
      including but not limited to the amount of Obligations and/or lending
      commitments being transferred or assigned (and being assumed, as applicable),
      and the proposed effective date of such transfer or assignment and the related
      assumption (if applicable).

     

    (c)    Subject
      to receipt of completed tax forms (indicating withholding status, or exemption
      from withholding, as applicable, of the transferee/assignee) reasonably required
      by the Person then maintaining the Register, and (if required by such Person)
      surrender of the negotiated, transferred or assigned Note(s) for reissuance
      by
      the Borrower, such Person shall record the subject negotiation, assignment
      and
      assumption in the Register. Anything contained in any Note or other Loan
      Document to the contrary notwithstanding, no negotiation, transfer or assignment
      shall be effective until it is recorded in the Register pursuant to this Section
      8.03(c). The entries in the Register shall be conclusive and binding for all
      purposes, absent manifest error; and the Borrower and each Lender shall treat
      each Person whose name is recorded in the Register as a Lender hereunder for
      all
      purposes of this Agreement. The Register shall be available for inspection
      by
      the Borrower and each Lender at any reasonable time and from time to time upon
      reasonable prior notice.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    5.    
Amendment
      and Replacement of Notes.
      By
      reason of and in furtherance of the amendments set forth in paragraph 3 above,
      and in addition to the amendments to the Revolving Credit Note required by
      reason of paragraph 2 above, the currently outstanding Notes shall be amended
      so
      that, in lieu of being payable “to the order of the Lender and/or to the order
      of any subsequent holder” (or words to similar effect), such Notes shall be
      payable “to the Lender or registered assigns” (or words to similar effect). Upon
      request of the Lender, the Borrower shall execute and deliver to the Lender
      amended and restated Notes (giving effect to such amendment) in replacement
      of
      the currently outstanding Notes, and upon receipt thereof, the Lender shall
      promptly return to the Borrower the original Notes for which such replacement
      has been executed and delivered.

     

    6.    
Conditions
      Precedent.
      The
      amendments set forth in paragraphs 1(b), 4 and 5 above shall be effective
      immediately upon the execution and delivery of this Agreement. The other
      amendments contemplated by this Agreement shall be subject to the satisfaction
      (or, in the Lender’s sole discretion, waiver) of the following conditions
      precedent:

     

    (a)    The
      Borrower shall have executed and delivered to the Lender amended and restated
      Notes as contemplated by paragraph 5 above.

     

    (b)    The
      Borrower shall have executed and delivered to the Lender an additional Warrant
      No. CV-4 in substantially the form of the existing Warrants, providing to the
      holder thereof the right to purchase up to 250,000 shares of Common Stock at
      an
      exercise price of $0.55 per share (such number of shares and exercise price
      to
      be subject to adjustment as provided in such Warrant). 

     

    (c)    The
      Lender shall have received a certificate of an authorized officer of the
      Borrower, certifying (i) as to the resolutions and/or other company action
      of
      the Borrower, authorizing the transactions contemplated by this Agreement and
      the execution and delivery by the Borrower of all agreements, instruments,
      certificates and other documents in respect of the transactions contemplated
      by
      this Agreement, and (ii) that, as of the date of such certificate, no Default
      or
      Event of Default has occurred and is continuing.

     

    (d)    The
      Borrower shall have delivered to the Lender a certificate, issued as of a recent
      date, issued by the Secretary of State of Delaware, stating that the Borrower
      is
      duly formed and in good standing in the State of Delaware.

     

    (e)    No
      Default or Event of Default shall have occurred and be continuing (provided
      that
      this paragraph 6(e) shall not be a condition precedent to the effectiveness
      of
      paragraph 3 above).

     

    7.    
Post-Effective
      Amendments and Covenants.
      Upon
      and after the effectiveness of the amendments provided for in paragraphs 2
      and 3
      above, the following further amendments and covenants shall become
      effective:

     

    (a)    Warrant
      No. CV-4, issued pursuant to paragraph 6(b) above, shall constitute a “Warrant”
under and for all purposes of the Loan Agreement and the other Loan Documents,
      and shall be entitled to all of the benefits of the Registration Rights
      Agreement; and in furtherance thereof, the Borrower shall file and pursue to
      effectiveness a Registration Statement (or an appropriate amendment to any
      pending Registration Statement) under the Act covering the Registerable
      Securities (as such term is defined in the Registration Rights Agreement)
      issuable under Warrant No. CV-4.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (b)    At
      any
      time and from time to time, upon request of the Lender, the Borrower shall
      issue
      to the Lender replacement Warrants for Warrants Nos. CV-1, CV-2, and/or CV-3,
      reflecting the amendments effected pursuant to paragraph 3 above; provided
      that, at
      all times prior to the delivery of any such replacement Warrant, the holder
      of
      the original Warrant may attach a photocopy of this Agreement to the original
      Warrant to evidence the reduced Exercise Price thereunder.

     

    8.    
Reaffirmation;
      No Novation.
      

     

    (a)    The
      Borrower hereby reaffirms all of its representations and warranties in the
      Loan
      Agreement and the other Loan Documents on and as of the date hereof, as if
      expressly made on and as of the date hereof.

     

    (b)    The
      Borrower hereby confirms the ongoing validity of all of the Obligations
      outstanding on the date hereof, and further acknowledges, confirms and agrees
      that none of the amendments effected by this Agreement constitutes or shall
      constitute a novation of any of the Obligations.

     

    (c)    The
      Borrower hereby reaffirms the validity of all of the liens and security
      interests heretofore granted to the Lender as collateral security for the
      Obligations, and acknowledges that all of such liens and security interests,
      and
      all Collateral heretofore pledged as security for the Obligations, continues
      to
      be and remain collateral for the Obligations (including the Special Purpose
      Loan
      from and after the making of the Special Purpose Loan).

     

    9.    
Ongoing
      Force and Effect.
      Except
      as and to the extent expressly provided in this Agreement, all covenants, terms
      and conditions of the Loan Documents shall remain unchanged and in full force
      and effect. All references to the Loan Agreement and the Warrants contained
      in
      the Loan Documents shall hereafter mean and refer to the Loan Agreement and
      the
      Warrants as amended by this Agreement.

     

    10.    Expenses.
      The
      Borrower shall reimburse the Lender on demand for all out-of-pocket costs,
      charges and expenses of the Lender (including reasonable attorneys’ fees) in
      connection with the preparation, execution and delivery of this Agreement,
      any
      and all further agreements and instruments in connection herewith, and any
      amendments, modifications, consents, waivers or enforcement action in connection
      herewith and therewith.

     

    11.    Miscellaneous.
      The
      provisions of Article VIII of the Loan Agreement are hereby incorporated herein
      by this reference, mutatis mutandis.

     

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      remainder of this page is intentionally blank]

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have caused this Agreement to be executed by their duly
      authorized officers as of the date first set forth above.

     

    
      	 	 	
              COMVEST
                CAPITAL LLC

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Larry E. Lenig, Jr.

            
	 	 	
              Name:

            	
              Larry
                E. Lenig, Jr.

            
	 	 	
              Title:

            	
              Senior
                Partner/Portfolio Manager

            
	 	 	 	 
	 	 	
              LAPOLLA
                INDUSTRIES, INC.

            
	 	 	 
	 	 	
              By:

            	
              /s/
                Michael T. Adams, EVP

            
	 	 	
              Name:

            	
              Michael
                T. Adams

            
	 	 	
              Title:

            	
              Executive
                Vice President

            

    

     

     

    6

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