X0202 4 2006-03-31 0 0000875296 LAPOLLA INDUSTRIES INC LPA 0001317220 Kramer Douglas J C/O LAPOLLA INDUSTRIES, INC. 15402 VANTAGE PARKWAY EAST, #322 HOUSTON TX 77032 0 1 0 0 President and COO Option (Right to Buy) .67 2006-03-31 5 A 0 E 480000 0 A 2011-07-11 Common Stock, PV $.01 480000 480000 D On July 12, 2005, the Company granted me 2,000,000 options subject to certain vesting and other criteria. On March 31, 2006, the Board of Directors of the Company vested 480,000 of the aforementioned options, which are exercisable in the amounts and on the dates indicated as follows: (a) 30,000 options on or after March 31, 2006; (b) 30,000 options on or after December 31, 2006; (c) 30,000 options on or after December 31, 2007; (d) 30,000 options on or after December 31, 2008; and (e) 360,000 options on or after January 31, 2009. /s/ Douglas J. Kramer 2006-04-03