Document:

Exhibit 10.2

 

OPTION AGREEMENT

 

THE BOARD OF DIRECTORS
of Lapolla Industries, Inc. authorized and approved the Equity Incentive Plan (“Plan”). The Plan provides for the grant
of Options to employees, directors and consultants of Lapolla Industries, Inc. (“Company”). Unless otherwise provided
in this Option Agreement (“Agreement”), all defined terms shall have the respective meanings ascribed to them under
the Plan.

 

1.Grant of Option.
Pursuant to authority granted to it under the Plan, the Administrator responsible for administering the Plan hereby grants to DOUGLAS
J. KRAMER, as an employee of the Company (“Participant”) and as of January 22, 2014 (“Grant Date”), five
hundred thousand (500,000) Options. Each Option permits the Participant to purchase one share of Lapolla Industries, Inc. common
stock, $0.01 par value per share (“Shares”).

 

2.Character of Options.
Pursuant to the Plan, Options granted herein may be Incentive Stock Options or Nonstatutory Stock Options, or both. The Options
granted herein shall be Nonstatutory Stock Options.

 

3.Exercise Price.
The Exercise Price per Share for each Option granted herein is Seventy-Two Cents ($0.72), which is the Fair Market Value of a Share
of the Company’s common stock on the Grant Date, determined based on the per Share closing price on such date.

 

4.Vesting.
All of the Options granted hereunder shall initially be unvested. The total number of Options granted to the Participant shall
vest over a three-year period running from the Grant Date of such Options, with Options first vesting on the first (1st) anniversary
of the Grant Date, in accordance with the following schedule, subject in each case to the Participant’s continued satisfactory
employment through the vesting date:

 

	 	Cumulative
	 Anniversary of Grant	 Vested Percentage
	 	 
	1st	33 1/3%
	2nd	66 2/3%
	3rd	 100%

 

5.Exercisability. The Options
shall be exercisable immediately upon vesting in accordance with Section 4 of this Agreement.

 

6.Term of Options.
All then existing and unexercised Options, whether or not previously vested, shall expire on January 21, 2019 (five years from
the Grant Date).

 

7.Payment of Exercise
Price. Options represented hereby may be exercised in whole or in part by the Participant delivering to the Company his payment
of the Exercise Price of the Option so exercised: (i) in cash, by check or cash equivalent; (ii) by tender to the Company of shares
of Stock owned by the Participant having a Fair Market Value not less than the exercise price; (iii) by tender to the Company of
a written consent to accept a reduction in the number of shares of Stock to which the Option relates (“Reduced Number
of Shares”), which Reduced Number of Shares, when ascribed a value, shall be equal to the exercise price of the balance
of shares of Stock covered by the Option; (iv) by delivery of a properly executed notice of exercise together with irrevocable
instructions to a broker providing for the assignment to the Company of the proceeds of a sale or loan with respect to some or
all of the shares being acquired upon the exercise of the Option (including, without limitation, through an exercise complying
with the provisions of Regulation T as promulgated from time to time by the Board of Governors of the Federal Reserve System) (a
“Cashless Exercise”); (v) by such other consideration as may be approved by the Committee from time to time
to the extent permitted by applicable law; or (vi) by any combination thereof. The Company reserves, at any and all times, the
right, in the Company’s sole and absolute discretion, to establish, decline to approve or terminate any program or procedures
for the exercise of Options by means of a Cashless Exercise.

 

8.Limits on Transfer
of Options. The Option granted herein shall not be transferable by the Participant otherwise than by will or by the laws of
descent and distribution, except for gifts to family members subject to any specific limitation concerning such gift by the Administrator
in its discretion; provided, however, that the Participant may designate a beneficiary or beneficiaries to exercise the Participant’s
rights and receive any Shares purchased with respect to any Option upon the Participant’s death. Each Option shall be exercisable
during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by his legal representative.
No Option herein granted or Shares underlying any Option shall be pledged, alienated, attached or otherwise encumbered, and any
purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. Notwithstanding
the foregoing, to the extent permitted by the Administrator, in its discretion, an Option shall be assignable or transferable subject
to the applicable limitations, if any, described in the General Instructions to Form S-8 Registration Statement under the Securities
Act of 1933, as amended.

 

9.Termination of
Employment. If the Participant’s employment is terminated with the Company, the Option and any unexercised portion shall
be subject to the provisions below:

 

(a) Upon the termination
of the Participant’s employment with the Company, to the extent not theretofore exercised, the Participant’s vested
Option shall continue to be valid; provided, however, that:

 

(i) If the Participant
shall die while in the employ of the Company or during the one (1) year period, whichever is applicable, specified in clause (ii)
below and at a time when such Participant was entitled to exercise an Option as herein provided, the legal representative of such
Participant, or such Person who acquired such Option by bequest or inheritance or by reason of the death of the Participant, may,
not later than fifteen (15) months from the date of death, exercise such Option, to the extent not theretofore exercised, in respect
of any or all of such number of Shares specified by the Administrator in such Option; and

 

(ii) If the Participant’s
employment shall terminate by reason of the Participant’s retirement (at such age upon such conditions as shall be specified
by the Board of Directors), disability (as described in Section 22(e) of the Code), resignation by Participant for “good
reason” (as defined below), or dismissal by the Company other than “for cause” (as defined below), and while
the Participant is entitled to exercise such Option as herein provided, the Participant shall have the right to exercise such Option
so granted, to the extent not theretofore exercised, in respect of any or all of such number of Shares as specified by the Administrator
in such Option, at any time up to one (1) year from the date of termination of the Participant’s employment by reason of
retirement, disability, resignation by Participant for good reason or dismissal other than for cause, provided that if the Participant
dies within such twelve (12) month period, subclause (i) above shall apply.

 

(b)
If the Participant voluntarily terminates his employment without good reason or is discharged for cause, any Options granted
hereunder shall forthwith terminate with respect to any unexercised portion thereof, whether vested or unvested. 

 

(c) If any Options granted
hereunder shall be exercised by the Participant’s legal representative if the Participant should die or become disabled,
or by any person who acquired any Options granted hereunder by bequest or inheritance or by reason of death of any such person,
written notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right
of such legal representative or other person to exercise such Options.

 

(d) For all purposes
under this Agreement, the term “good reason” shall mean “Good Reason” as defined in the employment agreement
then in effect between the Participant and the Company or, in the absence of such an agreement, as defined in the Participant’s
most recent prior employment agreement with the Company.

 

(e) For all purposes
under this Agreement, the term “for cause” shall mean “Cause” as defined in the employment agreement then
in effect between the Participant and the Company or, in the absence of such an agreement, as defined in the Plan.

 

 

10.Restriction;
Securities Exchange Listing. All certificates for shares delivered upon the exercise of Options granted herein shall be subject
to such stop transfer orders and other restrictions as the Administrator may deem advisable under the Plan or the rules, regulations
and other requirements of the Securities and Exchange Commission and any applicable federal or state securities laws, and the Administrator
may cause a legend or legends to be placed on such certificates to make appropriate reference to such restrictions. If the Shares
or other securities are traded on a national securities exchange, the Company shall not be required to deliver any Shares covered
by an Option unless and until such Shares have been admitted for trading on such securities exchange.

 

11.Adjustments.
If there is any change in the capitalization of the Company affecting in any manner the number or kind of outstanding shares of
Common Stock of the Company, whether by stock dividend, stock split, reclassification or recapitalization of such stock, or because
the Company has merged or consolidated with one or more other corporations (and provided the Option does not thereby terminate
in connection therewith), then the number and kind of shares then subject to the Option and the price to be paid therefor shall
be appropriately adjusted by the Board of Directors; provided, however, that in no event shall any such adjustment result in the
Company’s being required to sell or issue any fractional shares. Any such adjustment shall be made without change in the
aggregate purchase price applicable to the unexercised portion of the Option, but with an appropriate adjustment to the price of
each Share or other unit of security covered by this Option.

 

12.Change in Control.
In the event of a Change in Control (as defined in the Plan), the surviving, continuing, successor, or purchasing entity or parent
thereof, as the case may be (the “Acquiror”), may, without the consent of any Participant, either assume the
Company’s rights and obligations under outstanding Options or substitute for outstanding Options substantially equivalent
options for the Acquiror’s stock. In the event the Acquiror elects not to assume or substitute for outstanding Options in
connection with a Change in Control, the Committee shall provide that any unexercised and/or unvested portions of outstanding Options
shall be immediately exercisable and vested in full as of the date thirty (30) days prior to the date of the Change in Control.
The exercise and/or vesting of any Option that was permissible solely by reason of this Section 12 shall be conditioned upon the
consummation of the Change in Control. Any Options which are not assumed by the Acquiror in connection with the Change in Control
nor exercised as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective as
of the time of consummation of the Change in Control.

 

13.Amendment to
Options Herein Granted. The Options granted herein may not be amended without the Participant’s consent.

 

14.Withholding Taxes.
As provided in the Plan, the Company may withhold from sums due or to become due to Participant from the Company an amount necessary
to satisfy its obligation to withhold taxes incurred by reason of the disposition of the Shares acquired by exercise of the Options
in a disqualifying disposition (within the meaning of Section 421(b) of the Code), or may require the Participant to reimburse
the Company in such amount.

 

 

LAPOLLA INDUSTRIES, INC. 

 

 

By:  /s/ Richard J. Kurtz, Chairman
of the Board

Richard J. Kurtz, Chairman of the Board

 

 

/s/ Douglas J. Kramer 

DOUGLAS J. KRAMERQ4 2013 Exhibit 4.1

AMENDMENT NO. 3 TO RIGHTS AGREEMENT
Amendment No. 3, dated as of January 27, 2014 (this “Amendment”), to the Rights Agreement, dated as of July 16, 1998, as amended (the “Rights Agreement”), by and between Abercrombie & Fitch Co. (the “Company”) and American Stock Transfer & Trust Company, LLC, as duly appointed successor rights agent (the “Rights Agent”).
WITNESSETH
WHEREAS, the parties hereto desire to amend the Rights Agreement to advance the Final Expiration Date of the Rights to the close of business on January 28, 2014;
WHEREAS, pursuant to Section 27 of the Rights Agreement, on January 27, 2014, the Board of Directors of the Company approved an amendment to the Rights Agreement;
NOW, THEREFORE, the parties hereto agree as follows:
1.The definition of “Final Expiration Date” set forth in Section 1 of the Rights Agreement is hereby amended and restated in its entirety as follows:

““Final Expiration Date” means the close of business on January 28, 2014.”
2.Exhibits B and C to the Rights Agreement shall be deemed amended in a manner consistent with this Amendment.  

3.Capitalized terms used without other definition in this Amendment are used as defined in the Rights Agreement.

4.This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State, except that the rights and obligations of the Rights Agent shall be governed by the law of the State of New York.

5.The Rights Agreement will not otherwise be supplemented or amended by virtue of this Amendment, but will remain in full force and effect.

6.This Amendment shall be executed in any number of counterparts and each of such counterparts will for all purposes be deemed to be an original, and all such counterparts shall together constitute one and the same instrument.  A signature to this Agreement transmitted electronically will have the same authority, effect and enforceability as an original signature.

7.This Amendment shall be effective as of the date first above written and all references to the Rights Agreement shall, from and after such time, be deemed to be references to the Rights Agreement as amended hereby.

8.The undersigned officer of the Company, being duly authorized on behalf of the Company, hereby certifies in his or her capacity as an officer on behalf of the Company to the Rights Agent that this Amendment is in compliance with the terms of Section 27 of the Rights Agreement.

9.By its execution and delivery hereof, the Company directs the Rights Agent to execute this Amendment.  

IN WITNESS WHEREOF, this Amendment has been duly executed by the Company and the Rights Agent as of the effective time stated above.
	
		
	 
	ABERCROMBIE & FITCH CO.

	 
	 

	 
	By:       /s/ Robert E. Bostrom

	 
	Name:  Robert E. Bostrom

	 
	Title:    Senior Vice President, General Counsel and 
Corporate Secretary

	
		
	 
	AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

	 
	 

	 
	By:       /s/ Michael A. Nespoli

	 
	Name:  Michael A. Nespoli

	 
	Title:    Executive Director

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