X0306 4 2008-07-01 0 0000875296 LAPOLLA INDUSTRIES INC LPAD 0001249152 ADAMS MICHAEL THOMAS C/O LAPOLLA INDUSTRIES, INC. 15402 VANTAGE PKWY E, #322 HOUSTON TX 77032 1 1 0 0 CGO, EVP and Secretary Option (Right to Buy) .67 2008-07-01 4 J 0 320000 0 A 2011-07-12 Common Stock, PV $.01 320000 80000 D Option (Right to Buy) .35 2009-05-18 4 A 0 300000 0 A 2015-05-18 Common Stock, PV $.01 300000 380000 D Option (Right to Buy) .67 2011-07-05 4 D 0 80000 0 D 2011-07-12 Common Stock, PV $.01 80000 300000 D Option (Right to Buy) .67 2011-07-05 4 A 0 80000 0 A 2014-07-12 Common Stock, PV $.01 80000 380000 D The reporting person voluntarily canceled 320,000 of the original 400,000 options originally granted on July 12, 2005. The canceled options were not vested nor exercisable at the time of cancellation. See also Footnote 3. These options vest only upon consummation of a change in control and once vested are immediately exercisable. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option was originally granted on July 12, 2005 for 400,000 options, of which 320,000 were canceled by the reporting person, and provided for performance based vesting criteria. On March 31, 2006, 80,000 options vested and were exercisable at the rate of 5,000 on March 31, 2006, 5,000 on December 31, 2006, 5,000 on December 31, 2007, 5,000 on December 31, 2008, and 60,000 on January 31, 2009. /s/ Michael T. Adams 2015-03-19