Document:

exv10w3

Exhibit 10.3

INVESTMENT MANAGEMENT TRUST AGREEMENT

          This Agreement is made effective as of      , 2010 by and between L&L Acquisition
Corp. (the “Company”), [_____], a wholly-owned subsidiary of the Company (the “Subsidiary”) and
Continental Stock Transfer & Trust Company (the “Trustee”).

          WHEREAS, the Company’s registration statement on Form S-1, No. 333-168949 (the “Registration
Statement”) and prospectus (the “Prospectus”) for the initial public offering of the Company’s
units (the “Units”), which consist of one share of the Company’s common stock, par value $0.0001
per share (the “Common Stock”) and one warrant to purchase the Company’s Common Stock (the
“Warrants”), (such initial public offering hereinafter referred to as the “Offering”) has been
declared effective as of the date hereof (the “Effective Date”) by the Securities and Exchange
Commission; and

          WHEREAS, the Company has entered into an Underwriting Agreement (the “Underwriting Agreement”)
with Morgan Joseph LLC (“Morgan Joseph”), as representative of the several underwriters of the
Offering named therein (the “Underwriters”); and

          WHEREAS, as described in the Registration Statement,
$50,000,000 of the gross proceeds of the
Offering and sale of the Placement Warrants (as defined in the Underwriting Agreement) (or
$57,500,000 if the Underwriters’ over-allotment option is exercised in full) will be contributed by
the Company to the Subsidiary, which is intended to qualify as a security corporation under
Massachusetts General Laws Ch. 63, sec. 38B, and delivered by the Subsidiary to the Trustee to be
deposited and held in a segregated trust account (the “Trust Account”) for the benefit of the
Subsidiary, the Company and the holders of the Company’s Common Stock included in the Units issued
in the Offering as hereinafter provided (the amount to be delivered to the Trustee will be referred
to hereinafter as the “Property,” the stockholders for whose benefit the Trustee shall hold the
Property will be referred to as the “Public Stockholders,” and the Public Stockholders, the
Subsidiary and the Company will be referred to together as the “Beneficiaries”); and

          WHEREAS, pursuant to the Underwriting Agreement, a portion of the Property equal to contingent
fees of up to 4.0% of the gross proceeds of the IPO (the “Contingent Fees”) shall be payable to
Morgan Joseph or the Underwriters or other potential parties solely upon the consummation of the
Company’s initial business combination (as further defined in the Registration Statement, the
“Business Combination”) and pursuant to the terms of the Underwriting Agreement; and

          WHEREAS, pursuant to the Underwriting Agreement and certain letter agreements between the
Company, LLM Structured Equity Fund, L.P., LLM Investors, L.P. and John L. Shermyen (collectively,
the “Sponsors”), any tax refund received by the Subsidiary on its income tax obligation will be
delivered to the Trustee for deposit in the Trust Account, whereupon it will become a portion of
the Property; and

          WHEREAS, the Company, the Subsidiary and the Trustee desire to enter into this Agreement to
set forth the terms and conditions pursuant to which the Trustee shall hold the Property;

          NOW, THEREFORE, IT IS AGREED:

          1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to:

                    (a) Hold the Property in trust for the Beneficiaries in accordance with the terms of this
Agreement in the Trust Account at JP Morgan Chase, N.A. and at a brokerage institution selected by
the Trustee that is satisfactory to the Company;

 

 

                    (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set
forth herein;

                    (c) In a timely manner, upon the written instruction of the Subsidiary, invest and reinvest
the Property in United States government securities within the meaning of Section 2(a)(16) of the
Investment Company Act of 1940, as amended, having a maturity of 180 days or less, or in money
market funds meeting the conditions of paragraphs (c)(2), (c)(3), (c)(4) and (c)(5) of Rule 2a-7
promulgated under the Investment Company Act of 1940, as amended, as determined by the Subsidiary;
except, however, that any portion of the Property constituting a tax refund of the Company’s income
tax payments shall not be invested as otherwise set forth in this paragraph 1(c); in this regard,
it is understood that the Trust Account will earn no interest while account funds are uninvested
awaiting Company instructions hereunder;

                    (d) Collect and receive, when due, all interest and other income arising from the Property,
which shall become part of the “Property,” as such term is used herein;

                    (e) Promptly notify the Subsidiary and Morgan Joseph of all communications received by the
Trustee with respect to any Property requiring action by the Subsidiary;

                    (f) Supply any necessary information or documents as may be requested by the Subsidiary (or
its authorized agents) in connection with the Subsidiary’s preparation of the tax returns relating
to assets held in the Trust Account;

                    (g) Participate in any plan or proceeding for protecting or enforcing any right or interest
arising from the Property if, as and when instructed by the Subsidiary to do so, so long as the
Company or the Subsidiary shall have advanced funds sufficient to pay the Trustee’s expenses
incident thereto;

                    (h) Render to the Subsidiary monthly written statements of the activities of, and amounts in,
the Trust Account reflecting all receipts and disbursements of the Trust Account;

                    (i) Commence liquidation of the Trust Account only after and promptly after (x) receipt of,
and only in accordance with, the terms of a letter (“Termination Letter”), in a form substantially
similar to that attached hereto as either Exhibit A or Exhibit B, signed on behalf
of the Subsidiary by its Chief Executive Officer or Chairman of the Board of Directors or other
authorized officer of the Subsidiary, and complete the liquidation of the Trust Account
and distribute the Property in the Trust Account only as directed in the Termination Letter and the
other documents referred to therein or (y)                     1, if a Termination Letter has not been received by the Trustee prior to such date,
in which case the Trust Account shall be liquidated in accordance with the procedures set forth in
the Termination Letter attached as Exhibit B and the Property in the Trust Account
distributed to the Public Stockholders of record as of such date; provided,
however, that in the event the Trustee receives a Termination Letter in a form
substantially similar to Exhibit B hereto, or if the Trustee begins to liquidate the
Property because it has received no such Termination Letter by                     2,  the Trustee shall keep the Trust Account open until the earliest to
occur of (i) twelve (12) months following the date the Property has been distributed to the Public
Stockholders; (ii) the Trustee’s receipt of a letter in a form substantially similar to Exhibit
D hereto and the completion by the Trustee of the distribution of the amounts specified
therein; and (iii) the Trustee’s receipt of a written notice from the Company’s independent
registered public accountants stating that the Company will not be receiving any tax refund on its
income tax payments;

 

			
	1	 	Insert date that is 18 months from the
closing of the Offering.
	 
	2	 	Insert date that is 18 months from the
closing of the Offering.

 

 

                    (j) Upon written request from the Subsidiary, which may be given from time to time in a form
substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal
Instruction”), withdraw from the Trust Account and distribute to the Subsidiary the amount
requested by the Subsidiary that is equal to the amount of any franchise tax obligation of the
Subsidiary or the Company or any income tax obligation owed by the Subsidiary as a result of
interest or other income earned on the Property, which amount shall be delivered directly to the
Subsidiary by electronic funds transfer or other method of prompt payment, and the Subsidiary shall
forward such payment to the relevant taxing authority (in the case of the Company’s franchise
taxes, on behalf of the Company); provided, however, that (i) any withdrawal
pursuant to this clause (j) shall be solely from income earned on the Property and shall not cause
the amount in the Trust Account to fall below the amount initially deposited in the Trust Account,
(ii) to the extent there is not sufficient cash in the Trust Account to pay any such tax
obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be
designated by the Subsidiary in writing to make such distribution and (iii) if the tax to be paid
is a franchise tax, the written request by the Subsidiary to make such distribution shall be
accompanied by a copy of the franchise tax bill from the State of Delaware and a written statement
from the principal financial officer of the Subsidiary or the Company, as applicable, setting forth
the actual amount payable; and provided, further, that it is understood and agreed
that the written request of the Subsidiary referenced above shall constitute presumptive evidence
that the Subsidiary is entitled to receive said funds, and the Trustee shall have no responsibility
to look beyond said request;

                    (k) Upon written request from the Subsidiary given after distribution of the Property to the
Public Stockholders, which may be given from time to time in a form substantially similar to that
attached hereto as Exhibit D (a “Tax Refund Instruction”), distribute to the Company’s
Public Stockholders amounts deposited by the Subsidiary into the Trust Account that the Subsidiary
has represented to be tax refund(s) of the Company’s income tax payments; and

                    (l) Not make any withdrawals or distributions from the Trust Account other than pursuant to
Section 1(i), (j) or (k) above.

          2. Agreements and Covenants of the Subsidiary. Each of the Company and the Subsidiary
hereby agrees and covenants to:

                    (a) Give all instructions to the Trustee hereunder in writing, signed by the Subsidiary’s
Chairman of the Board, President, Chief Executive Officer or Chief Financial Officer. In addition,
except with respect to its duties under Sections 1(i) through 1(k) hereof, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it, in good faith and with reasonable care, believes to be
given by any one of the persons authorized above to give written instructions, provided
that the Subsidiary shall promptly confirm such instructions in writing;

                    (b) Subject to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee
from and against any and all expenses, including reasonable counsel fees and disbursements, or
losses suffered by the Trustee in connection with any action taken by it hereunder and in
connection with any action, suit or other proceeding brought against the Trustee involving any
claim, or in connection with any claim or demand, which in any way arises out of or relates to this
Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the
Property, except for expenses and losses resulting from the Trustee’s gross negligence, fraud or
willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek
indemnification under this Section 2(b), it shall notify the Subsidiary in writing of such
claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to
conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Subsidiary with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim
without

 

 

the prior written consent of the Subsidiary, which such consent shall not be unreasonably withheld.
The Subsidiary may participate in such action with its own counsel;

                    (c) Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance
fee, an annual fee and a transaction processing fee for each disbursement made pursuant to
Sections 1(j), and the usual and customary service fees of the Trustee as paying agent (the
“Paying Agent”) pursuant to Section 1(k) hereof, which fees shall be subject to
modification by the parties from time to time. It is expressly understood that the Property shall
not be used to pay such fees unless and until it is distributed to the Subsidiary pursuant to
Sections 1(j) and 1(k) hereof. The Subsidiary shall pay the Trustee the initial
acceptance fee and the first annual fee at the consummation of the Offering and thereafter on the
anniversary of the Effective Date. The Trustee shall refund to the Subsidiary the annual fee (on a
pro rata basis) with respect to any period after the liquidation of the Trust Account. The
Subsidiary shall not be responsible for any other fees or charges of the Trustee except as set
forth in this Section 2(c) and as may be provided in Section 2(b) hereof;

                    (d) In connection with any vote of the Company’s Public Stockholders regarding the Company’s
Business Combination, provide to the Trustee an affidavit or certificate of the inspector of
elections for the stockholder meeting verifying the vote of the Public Stockholders regarding such
Business Combination;

                    (e) Provide Morgan Joseph with a copy of any Termination Letter(s) and/or any other
correspondence that the Subsidiary sends to the Trustee with respect to any proposed withdrawal
from the Trust Account promptly after it issues the same;

                    (f) Promptly after the Contingent Fees shall become determinable on a final basis, to provide
the Trustee notice in writing (with a copy to Morgan Joseph) of the total amount of the Contingent
Fees;

                    (g) In the event the Subsidiary is entitled to receive a tax refund on its income tax
obligation, and promptly after the amount of such refund is determined on a final basis, provide
the Trustee with notice in writing (with a copy to Morgan Joseph) of the amount of such income tax
refund; and

                    (h) Instruct the Trustee to make only those distributions that are permitted under this
Agreement, and refrain from instructing the Trustee to make any distributions that are not
permitted under this Agreement.

          3. Limitations of Liability. The Trustee shall have no responsibility or liability
to:

                    (a) Imply obligations, perform duties, inquire or otherwise be subject to the provisions
of any agreement or document other than this Agreement and that which is expressly set forth herein
and the letter agreement, dated August 11, 2010, between the Company and the Trustee;

                    (b) Take any action with respect to the Property, other than as directed in Section
1 hereof, and the Trustee shall have no liability to any party except for liability arising out
of the Trustee’s gross negligence, fraud or willful misconduct;

                    (c) Institute any proceeding for the collection of any principal and income arising from, or
institute, appear in or defend any proceeding of any kind with respect to, any of the Property
unless and until it shall have received instructions from the Subsidiary given as provided herein
to do so and the Subsidiary shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

                    (d) Refund any depreciation in principal of any Property;

 

 

                    (e) Assume that the authority of any person designated by the Subsidiary to give instructions
hereunder shall not be continuing unless provided otherwise in such designation, or unless the
Subsidiary shall have delivered a written revocation of such authority to the Trustee;

                    (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any
action suffered by it to be taken or omitted, in good faith and in the Trustee’s best judgment,
except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely
conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion
or advice of counsel (including counsel chosen by the Trustee, which counsel may be Subsidiary’s
counsel), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which the Trustee believes, in good faith and
with reasonable care, to be genuine and to be signed or presented by the proper person or persons.
The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or
rescission of this Agreement or any of the terms hereof, unless evidenced by a written instrument
delivered to the Trustee, signed by the proper party or parties and, if the duties or rights of the
Trustee are affected, unless it shall give its prior written consent thereto;

                    (g) Verify the accuracy of the information contained in the Registration Statement,

                    (h) Provide any assurance that any Business Combination entered into by the Company or any
other action taken by the Company is as contemplated by the Registration Statement;

                    (i) File information returns with respect to the Trust Account with any local, state or
federal taxing authority or provide periodic written statements to the Subsidiary documenting the
taxes payable by the Subsidiary, if any, relating to any interest income earned on the Property;

                    (j) Prepare, execute and file tax reports, income or other tax returns and pay any taxes with
respect to any income generated by, and activities relating to, the Trust Account, regardless of
whether such tax is payable by the Trust Account or the Subsidiary, including, but not limited to,
income tax obligations, except pursuant to Section 1(j) hereof; or

                    (k) Verify calculations, qualify or otherwise approve the Subsidiary’s written requests for
distributions pursuant to Sections 1(j) and 1(k) hereof.

          4. Trust Account Waiver. The Trustee has no right of set-off or any right, title,
interest or claim of any kind (a “Claim”) to, or to any monies in, the Trust Account, and hereby
irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have in the
future. In the event the Trustee has any Claim against the Subsidiary under this Agreement,
including, without limitation, under Section 2(b) hereof, the Trustee shall pursue such
Claim solely against the Subsidiary and not against the Property or any monies in the Trust
Account.

          5. Termination. This Agreement shall terminate as follows:

                    (a) If the Trustee gives written notice to the Subsidiary that it desires to resign under this
Agreement, the Subsidiary shall use its reasonable efforts to locate a successor trustee, pending
which the Trustee shall continue to act in accordance with this Agreement. At such time that the
Subsidiary notifies the Trustee that a successor trustee has been appointed by the Subsidiary and
has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the
management of the Trust Account to the successor trustee, including but not limited to the transfer
of copies of the reports and statements relating to the Trust Account, whereupon this Agreement
shall terminate; provided, however, that in the event that the Subsidiary does not
locate a successor trustee within ninety (90) days of receipt of the resignation notice from the
Trustee, the Trustee may submit an application to have the Property deposited with any court in the
State of New York or with the United States District Court for the

 

 

Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever; or

                    (b) At such time that the Trustee has completed the liquidation of the Trust Account and its
obligations in accordance with the provisions of Section 1(i) hereof (which section may not
be amended under any circumstances) and distributed the Property in accordance with the provisions
of the Termination Letter, thereafter this Agreement shall terminate except with respect to
Section 2(b).

          6. Miscellaneous.

                    (a) The Subsidiary and the Trustee each acknowledge that the Trustee will follow the security
procedures set forth below with respect to funds transferred from the Trust Account. The Subsidiary
and the Trustee will each restrict access to confidential information relating to such security
procedures to authorized persons. Each party must notify the other party immediately if it has
reason to believe unauthorized persons may have obtained access to such confidential information,
or of any change in its authorized personnel. In executing funds transfers, the Trustee shall rely
upon all information supplied to it by the Subsidiary, including, account names, account numbers,
and all other identifying information relating to a beneficiary, beneficiary’s bank or intermediary
bank. Except for any liability arising out of the Trustee’s gross negligence, fraud or willful
misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any
error in the information or transmission of the funds.

                    (b) This Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in
the application of the substantive laws of another jurisdiction. It may be executed in several
original or facsimile counterparts, each one of which shall constitute an original, and together
shall constitute but one instrument.

                    (c) This Agreement contains the entire agreement and understanding of the parties hereto with
respect to the subject matter hereof. Except for Section 1(i) hereof (which section may not
be amended under any circumstances), this Agreement or any provision hereof may only be changed,
amended or modified (other than to correct a typographical error) by a writing signed by each of
the parties hereto. Furthermore, this Agreement or any provision hereof may only be changed,
amended or modified pursuant to Section 6(c) hereof with the Consent of the Public
Stockholders; provided, however, that no such change, amendment or modification may
be made to Section 1(i) hereof (which section may not be amended under any circumstances),
it being the specific intention of the parties hereto that each Public Stockholder is, and shall
be, a third party beneficiary of this Section 6(c) with the same right and power to enforce
this Section 6(c) as the other parties hereto. For purposes of this Section 6(c),
the “Consent of the Public Stockholders” means receipt by the Trustee of a certificate from the
inspector of elections of the stockholder meeting certifying that either (a) the Public
Stockholders of record as of a record date established in accordance with Section 213(a) of the
Delaware General Corporation Law, as amended (the “DGCL”) who hold sixty-five percent (65%)
or more of all then outstanding shares of the Common Stock, have voted in favor of such change,
amendment or modification, or (b) the Public Stockholders of record as of the record date who hold
sixty-five percent (65%) or more of all then outstanding shares of the Common Stock, have delivered
to such entity a signed writing approving such change, amendment or modification. Except for any
liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee
may rely conclusively on the certification from the inspector or elections referenced above and
shall be relieved of all liability to any party for executing the proposes amendment in reliance
thereon.

                    (d) The parties hereto consent to the jurisdiction and venue of any state or federal court
located in the City of New York, State of New York, for purposes of resolving any disputes
hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH
PARTY WAIVES THE RIGHT TO TRIAL BY JURY.

 

 

                    (e) Any notice, consent or request to be given in connection with any of the terms or
provisions of this Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or by
facsimile transmission:

if to the Trustee, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, NY 10004

Attn: Frank DiPaolo, CFO and Steven G. Nelson, Pres.

Fax No.: (212) 509-5150

if to the Subsidiary, to:

L&L Acquisition Corp.

265 Franklin Street, 20th Floor

Boston, MA 02110

Attn: John L. Shermyen

Fax No.: (617) 330-7759

and a copy, which shall not constitute notice, to:

Goodwin Procter LLP

The New York Times Building

620 Eighth Avenue

New York, New York 10018

Attn: Michael D. Maline, Esq.

Fax No.: (212) 355-3333

if the to the Underwriters, to:

Morgan Joseph LLC

600 Fifth Avenue, 19th Floor

New York, NY 10020

Attn: Tina Pappas

Fax No.: (212) 218-3760

with a copy, to:

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173

Attn: Joel L. Rubinstein, Esq.

Fax No.: (212) 547-5444

                    (f) Each of the Trustee and the Subsidiary hereby represents that it has the full right and
power and has been duly authorized to enter into this Agreement and to perform its respective
obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make
any claims or proceed against the Trust Account, including by way of set-off, and shall not be
entitled to any funds in the Trust Account under any circumstance.

                    (g) Each of the Subsidiary and the Trustee hereby acknowledge and agree that Morgan Joseph on behalf of the Underwriters, is a third party beneficiary of this Agreement.

 

 

                    (h) The Company agrees to cause the Subsidiary to take all actions required of the Subsidiary
pursuant to this Agreement and shall ensure that the Subsidiary remains at all times during the
term of this Agreement a wholly-owned subsidiary of the Company.

                    (i) Except as specified herein, no party to this Agreement may assign its rights or delegate
its obligations hereunder to any other person or entity, provided that if the Subsidiary
distributes its rights in and to the Property to the Company, the Subsidiary may assign its rights
and delegate its obligations hereunder to the Company in connection therewith.

[Signature Page Follows]

 

 

     IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement
as of the date first written above.

	 	 	 	 	 	 	 	 	 

	 	 	Continental Stock Transfer & Trust Company, as Trustee	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:
	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	L&L Acquisition Corp.	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	John L. Shermyen	 	 
	 

	 	 	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	[SUBSIDIARY]	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	John L. Shermyen	 	 
	 

	 	 	 	 	 	Chief Executive Officer	 	 

 

 

SCHEDULE A

	 	 	 	 	 
	 	 	Time and method of	 	 
	Fee Item	 	payment	 	Amount
	Initial acceptance fee.

	 	Initial closing of
Offering by wire
transfer.
	 	$0 
	 
	 	 	 	 
	Annual fee.

	 	First year, initial
closing of Offering
by wire transfer;
thereafter on the
anniversary of the
effective date of
the Offering by
wire transfer or
check.
	 	$10,000 
	 
	 	 	 	 
	Transaction processing
fee for disbursements
to Subsidiary under
Sections 1(j) and
1(k).

	 	Deduction by
Trustee from
accumulated income
following
disbursement made
to Subsidiary under
Section 2.
	 	$250 
	 
	 	 	 	 
	Paying Agent services
for distributions made
to shareholders
pursuant to Section
1(k).

	 	Liquidation of the
Trust Account
pursuant to Section
1(i) and
distribution of
income tax refunds,
as directed by the
Subsidiary pursuant
Section 1(k) and
letter instruction
in the form of
Exhibit D.
	 	Usual and customary
service fees from time to
time applicable to Paying
Agent services of
Trustee.

 

 

EXHIBIT A

[Letterhead
of L&L Acquisition Securities Corp.]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

     Frank A. Di Paolo. C.F.O.

Re: Trust Account No. Termination Letter

Gentlemen:

     Pursuant to Section 1(i) of the Investment Management Trust Agreement between L&L
Acquisition Corp. (the “Company”), L&L Acquisition Securities Corp. (the “Subsidiary”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of                     , 2010 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with
                    (the “Target Business”) to consummate a business combination with
Target Business (a “Business Combination”) on or about [insert date]. The Subsidiary shall notify
you at least forty-eight (48) hours in advance of the actual date of the consummation of the
Business Combination (the “Consummation Date”). Capitalized terms used but not defined herein shall
have the meanings set forth in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to commence
to liquidate all of the assets of the Trust Account on [insert date], and to transfer the proceeds
into the trust checking account at JP Morgan Chase, N.A. to the effect that, on the Consummation
Date, all of funds held in the Trust Account will be immediately available for transfer to the
account or accounts that the Subsidiary shall direct on the Consummation Date. It is acknowledged
and agreed that while the funds are on deposit in the trust checking account at JP Morgan Chase,
N.A. awaiting distribution, the Company and Subsidiary will not earn any interest or dividends.

     On the Consummation Date, (i) counsel for the Company shall deliver to you written
notification that the Business Combination is in the process of being consummated (the
“Notification”) and (ii) the Subsidiary shall deliver to you a written instruction signed by the
Subsidiary and Morgan Joseph LLC with respect to the transfer of the funds held in the Trust
Account (the “Instruction Letter”). You are hereby directed and authorized to transfer the funds
held in the Trust Account immediately upon your receipt of the Notification and the Instruction
Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits
held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will
notify the Subsidiary in writing of the same and the Subsidiary shall direct you as to whether such
funds should remain in the Trust Account and be distributed after the Consummation Date to the
Subsidiary. Upon the distribution of all the funds, your obligations under the Trust Agreement
shall be terminated.

     In the event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the original Consummation
Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the
Subsidiary, the funds held in the Trust Account shall be reinvested as provided in Section 1(c) of
the Trust Agreement on the business day immediately following the Consummation Date as set forth in
the notice as soon thereafter as possible.

A-1

 

	 	 	 	 	 	 	 

	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	L&L Acquisition
Securities Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

cc: Morgan Joseph LLC

 

 

EXHIBIT B

[Letterhead
of L&L Acquisition Securities Corp.]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Steven G. Nelson, Chairman

     Frank A. Di Paolo. C.F.O.

     Re: Trust Account No. Termination Letter

Gentlemen:

     Pursuant
to Section 1(i) of the Investment Management Trust
Agreement between L&L
Acquisition Corp. (the “Company”), L&L Acquisition Securities Corp. (the “Subsidiary”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of                     , 2010 (the “Trust
Agreement”), this is to advise you that the Company has been unable to effect a business
combination with a Target Business (a “Business Combination”) within the time frame specified in
the Company’s Certificate of Incorporation, as described in the Company’s Prospectus relating to
the Offering. Capitalized terms used but not defined herein shall have the meanings set forth in
the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate
all of the assets in the Trust Account on                     20___and to transfer the
total proceeds into the trust checking account at JP Morgan Chase, N.A. to await distribution to
the Public Stockholders. The Company has selected                     20 ___3 as
the record date for the purpose of determining the Public Stockholders entitled to receive their
share of the liquidation proceeds. You agree to be the Paying Agent of record and, in your separate
capacity as Paying Agent, agree to distribute said funds directly to the Company’s Public
Stockholders in accordance with the terms of the Trust Agreement and the Certificate of
Incorporation of the Company, charging your customary fees. Upon the distribution of all the funds,
your obligations under the Trust Agreement shall be terminated, except to the extent otherwise
provided in Section 1(k) of the Trust Agreement.

	 	 	 	 	 	 	 

	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	L&L Acquisition Securities Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

 

			
	3	 	Insert date that is 18 months from the
closing of the Offering.

 

 

EXHIBIT C

[Letterhead of L&L Acquisition Securities Corp.]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Cynthia Jordan, V. P., Accounting Department

          Re: Trust Account No.

Gentlemen:

     Pursuant to Section 1(j) of the Investment Management Trust Agreement between L&L
Acquisition Corp. (the “Company”), L&L Acquisition Securities Corp. (the “Subsidiary”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of                                         , 2010
(the “Trust Agreement”), the Subsidiary hereby requests that you deliver to the Subsidiary
$                                         of the interest income earned on the Property as
of the date hereof. Capitalized terms used but not defined herein shall have the meanings set forth
in the Trust Agreement.

     The Subsidiary needs such funds to pay for the tax obligations as set forth on the
attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your
receipt of this letter to the Subsidiary’s operating account at:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	L&L Acquisition Securities Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

cc: Morgan Joseph LLC

C-1

 

EXHIBIT D

[Letterhead of L&L Acquisition Securities Corp.]

[Insert date]

Continental Stock Transfer

& Trust Company

17 Battery Place

New York, New York 10004

Attn: Cynthia Jordan, V. P., Accounting Department

          Re: Trust Account No.

Gentlemen:

     Pursuant to Section 1(k) of the Investment Management Trust Agreement between L&L
Acquisition Corp. (the “Company”), L&L Acquisition Securities Corp. (the “Subsidiary”) and Continental Stock Transfer &
Trust Company (the “Trustee”), dated as of                                         , 2010
(the “Trust Agreement”), this is to advise you that the Subsidiary will be receiving a refund in
the amount of $                                         representing a portion of the taxes
it paid to satisfy its income tax obligations. Capitalized terms used but not defined herein shall
have the meanings set forth in the Trust Agreement.

     In accordance with the terms of the Trust Agreement, we hereby authorize you to deposit
the proceeds of such tax refund into the Trust Account, and to transfer the total proceeds to the
trust checking account at JP Morgan Chase, N.A. for immediate distribution, to the Company’s Public
Stockholders of record as of the date on which the Company redeemed the shares of common stock sold
in the Offering; provided, that $                     shall instead be disbursed
to the Subsidiary to cover accrued expenses. You agree to be the Paying Agent of record and, in
your separate capacity as Paying Agent, agree to distribute said funds directly to the Public
Stockholders in accordance with the terms of the Trust Agreement and the Certificate of
Incorporation of the Company and in accordance with your customary fees. Upon the
distribution of all the funds, net of any payments for reasonable unreimbursed expenses related to
liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated:

[WIRE INSTRUCTION INFORMATION]

	 	 	 	 	 	 	 

	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	L&L Acquisition Securities Corp.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

cc: Morgan Joseph LLCexv10w4

Exhibit 10.4

SECURITIES ESCROW AGREEMENT

     SECURITIES ESCROW AGREEMENT, dated as of __________, 2010 (the “Agreement”) by and among L&L
Acquisition Corp., a Delaware corporation (the “Company”), John L. Shermyen, LLM Structured Equity
Fund L.P., a Delaware limited partnership, LLM Investors L.P., a Delaware limited partnership, John
A. Svahn, E. David Hetz, Alan W. Pettis and William A. Landman (collectively, the “Initial
Stockholders”),
the undersigned parties listed as the Underwriter Warrantholders on the signature pages hereto (collectively, the
“Underwriter Warrantholders”)
and Continental Stock Transfer & Trust Company, a New York corporation (the “Escrow
Agent”).

     WHEREAS, the Company has entered into an Underwriting Agreement, dated __________, 2010
(“Underwriting Agreement”) with Morgan Joseph LLC, (“MJ” or the “Representative”), acting as
representative of the several underwriters (collectively, the “Underwriters”), pursuant to which,
among other matters, the Underwriters have agreed to purchase 5,000,000 units (not including the
Underwriters’ over-allotment option) (the “Units”) of the Company’s securities. Each Unit consists
of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and
one warrant (a “Warrant”). Each Warrant entitles the holder to purchase one share of Common Stock,
all as more fully described in the Company’s definitive Prospectus, dated __________, 2010
(“Prospectus”) comprising part of the Company’s registration statement on Form S-1 (File No.
333-168949) under the Securities Act of 1933, as amended (the “Registration Statement”), declared
effective on __________, 2010 (the “Effective Date”);

     WHEREAS, each of the Initial Stockholders has agreed, as a condition of the Underwriters’
obligation to purchase the Units pursuant to the Underwriting Agreement and to offer them to the
public, to deposit all of its shares of Common Stock, as set forth opposite its name on Exhibit
A attached hereto, in aggregate 1,437,500 shares consisting of (i) 638,889 shares (up to 83,333
of which will be forfeited if the Underwriters’ over-allotment option is not exercised in full)
(the “First Tranche Shares”) and (ii) 798,611 shares (up to 104,167 of which will be forfeited if
the Underwriters’ over-allotment option is not exercised in full) (the “Second Tranche Shares” and
together with the First Tranche Shares, the “Escrow Shares”), in escrow as hereinafter provided;

     WHEREAS,
the Company has entered into a Warrant Subscription Agreement with certain of the
Initial Stockholders and the Underwriter Warrantholders (collectively, the “Initial Warrantholders”) dated __________, 2010,
pursuant to which the Initial Warrantholders have agreed
to purchase an aggregate of 5,700,000 warrants (the “Private Warrants” and, together with the
Escrow Shares, the “Escrow Securities”) in a private placement transaction;

     WHEREAS,
 the Initial Warrantholders have agreed as a condition of the sale of the Private
Warrants to deposit all of their respective Escrow Securities, as set forth opposite their
respective names on Exhibit A attached hereto, with the Escrow Agent as hereinafter
provided; and

     WHEREAS,
the Company,  the Initial Stockholders  and the Initial Warrantholders desire that the Escrow Agent accept the
Escrow Securities, in escrow, to be held and disbursed as hereinafter provided.

     IT IS AGREED:

     1. Appointment of Escrow Agent. The Company, the
Initial Stockholders and the Initial Warrantholders
hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this
Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance
with and subject to such terms.

     2. Deposit of Escrow Securities. On or before the Effective Date, the
Initial Stockholders and the Initial Warrantholders shall deliver to the Escrow Agent certificates representing their respective
Escrow Securities, in proper

 

 

transfer order with medallion guaranteed stock powers, to be held and disbursed subject to the
terms and conditions of this Agreement. The Initial Stockholders and the Initial Warrantholders acknowledge and agree that the
certificates representing the Escrow Securities will bear a legend to reflect the deposit of such
Escrow Securities under this Agreement.

     3. Disbursement of the Escrow Securities. The Escrow Agent shall hold each
of the Escrow Shares and the Private Warrants until the termination of their respective Escrow
Periods (as defined below). In the case of the Escrow Shares, the “Escrow Period” shall be the
period beginning on the date the certificates representing the Escrow Shares are deposited with the
Escrow Agent and ending on the date that is, with respect to the First Tranche Shares, one year
following the consummation of the Company’s initial business combination (as such term is defined
in the Registration Statement) and with respect to the Second Tranche Shares, the date of the first
to occur, if ever, of (x) the last sales price of the Company’s Common Stock equaling or exceeding
$18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any 20 trading days within any 30-trading day period or (y) the consummation of a
transaction following the Company’s initial business combination in which all of the Company’s
stockholders have the right to exchange their shares of Common Stock for cash consideration which
equals or exceeds $18.00 per share; provided, that in the event neither (x) nor (y) has
occurred within five years following the consummation of the Company’s initial business combination
(the “Second Tranche Deadline”), the Second Tranche Shares shall be forfeited. In the case of the
Private Warrants, the “Escrow Period” shall be the period beginning on the date the certificates
representing the Private Warrants are deposited with the Escrow Agent and ending 30 days following
the date of the consummation of the Company’s initial business combination. On the termination
date of the applicable Escrow Period, the Escrow Agent shall, upon written instructions from the
Company, disburse the Escrow Securities to such holders; provided, however, that if
the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that (i) the Company is
being liquidated at any time during the Escrow Period, (ii) up to an aggregate of 187,500 of the
Escrow Shares have been forfeited because the Underwriters did not exercise their over-allotment
option in full or (iii) the Second Tranche Shares have been forfeited because neither (x) nor (y)
above occurred on or before the Second Tranche Deadline, then the Escrow Agent shall promptly
destroy the certificates representing such Escrow Securities (or portion thereof, as applicable).
The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of
the Escrow Securities in accordance with this Section 3.

     4. Rights of Initial Holder in Escrow Securities.

          4.1 Voting Rights as a Stockholder. Subject to the terms of the Insider
Letter described in Section 4.4 hereof and except as herein provided, each Initial Stockholder
shall retain all of its rights as a stockholder of the Company during the Escrow Period, including,
without limitation, the right to vote the Escrow Shares; provided that the Initial
Stockholders shall not vote the Second Tranche Shares until such time, if ever, that such shares
are released to them.

          4.2 Dividends and Other Distributions in Respect of the Escrow Securities.
During the Escrow Period, all dividends payable in cash with respect to the Escrow Securities other
than the Second Tranche Shares shall be paid to the Initial Stockholders, but all dividends payable
in cash with respect to the Second Tranche Shares or in stock or other non-cash property with
respect to all of the Escrow Securities (“Non-Cash Dividends”) shall be delivered to the Escrow
Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Securities”
shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

          4.3 Restrictions on Transfer. During the Escrow Period, no sale, transfer
or other disposition may be made of any or all of the Escrow Securities except (i) upon the
dissolution and

2

 

liquidation of holder and the distribution of assets to its members, (ii) by gift to an
immediate family member or member of any Initial Stockholder or Initial Warrantholder or to a trust, the beneficiary of
which is an immediate family member or member of such Initial Stockholder, (iii) by virtue of the
laws of descent and distribution upon death of any Initial Stockholder or Initial Warrantholder, (iv) pursuant to a
qualified domestic relations order, (v) in the event of the Company’s liquidation prior to
completion of its initial business combination or (vi) in the event of the Company’s consummation
of a liquidation, merger, stock exchange or other similar transaction which results in all of the
Company’s stockholders having the right to exchange their shares of common stock for cash,
securities or other property subsequent to the Company’s consummation of an initial business
combination; provided, however, that such permissive transfers may be implemented
only upon the respective transferee’s written agreement to be bound by the terms and conditions of
this Agreement and of the Insider Letter signed by the Initial Stockholder or Initial Warrantholder that is transferring the
Escrow Shares. Even if transferred in accordance with this Section 4.3, the Escrow Securities will
remain subject to this Agreement and may be released from escrow only in accordance with Section 3
hereof. During the Escrow Period, the Initial Stockholders and Initial Warrantholders shall not pledge or grant a security
interest in the Escrow Securities or grant a security interest in their rights under this
Agreement.

          4.4 Insider
Letters. Each Initial Stockholder and Initial Warrantholder has executed a letter
agreement with the Representative and the Company, dated as of the Effective Date, and which is
filed as an exhibit to the Registration Statement (each an “Insider Letter”), respecting the rights
and obligations of such Initial Stockholder or Initial Warrantholder in certain events, including, but not limited to, the
liquidation of the Company.

     5. Concerning the Escrow Agent.

          5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any
action taken or omitted by it in good faith and in the exercise of its own best judgment, and may
rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent, which counsel may be
company counsel), statement, instrument, report or other paper or document (not only as to its due
execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the Escrow Agent to be
genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not
be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or
parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given
its prior written consent thereto.

          5.2 Indemnification. The Escrow Agent shall be indemnified and held
harmless by the Company from and against any expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Escrow Agent in connection with any action taken by it
hereunder, action, suit or other proceeding involving any claim which in any way, directly or
indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder,
or the Escrow Securities held by it hereunder, other than expenses or losses arising from the gross
negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow
Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the
Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such
notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of
interpleader in an appropriate court to determine ownership or disposition of the Escrow Securities
or it may deposit the Escrow Securities with the clerk of any appropriate court or it may retain
the Escrow Securities pending receipt of a final, non-appealable order of a court having
jurisdiction over all of the parties hereto directing to whom and under what circumstances the
Escrow Securities are to be disbursed and delivered. The provisions of this Section 5.2 shall
survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6
below.

3

 

          5.3 Compensation. The Escrow Agent shall be entitled to reasonable
compensation from the Company for all services rendered by it hereunder, as set forth on Exhibit B
hereto. The Escrow Agent shall also be entitled to reimbursement from the Company for all
reasonable expenses paid or incurred by it in the administration of its duties hereunder including,
but not limited to, all counsel, advisors’ and agents’ fees and disbursements and all taxes or
other governmental charges.

          5.4 Further
Assurances. From time to time on and after the date hereof, the
Company, the Initial Stockholders and Initial Warrantholders shall deliver or cause to be delivered to the Escrow Agent
such further documents and instruments and shall do or cause to be done such further acts as the
Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of
this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting
hereunder.

          5.5 Resignation. The Escrow Agent may resign at any time and be discharged
from its duties as escrow agent hereunder by its giving the other parties hereto written notice and
such resignation shall become effective as hereinafter provided. Such resignation shall become
effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed
by the Company and approved by the Representative, which approval will not be unreasonably
withheld, conditioned or delayed, the Escrow Securities held hereunder. If no new escrow agent is
so appointed within the 60 day period following the giving of such notice of resignation, the
Escrow Agent may deposit the Escrow Securities with any court it reasonably deems appropriate.

          5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be
discharged from its duties as escrow agent hereunder if so requested in writing at any time by the
other parties hereto, jointly, provided, however, that such resignation shall
become effective only upon acceptance of appointment by a successor escrow agent as provided in
Section 5.5.

          5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow
Agent shall not be relieved from liability hereunder for its own gross negligence or its own
willful misconduct.

     6. Miscellaneous.

          6.1 Governing Law. This Agreement shall for all purposes be deemed to be
made under and shall be construed in accordance with the laws of the State of New York. Each of the
parties hereby agrees that any action, proceeding or claim against it arising out of or relating in
any way to this Agreement shall be brought and enforced in the courts of the State of New York or
the United States District Court for the Southern District of New York, and irrevocably submits to
such personal jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby
waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient
forum.

          6.2 Entire Agreement. This Agreement and the Insider Letters contain the
entire agreement of the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an instrument in writing signed
by the party to be  charged. In connection with any proposed amendment, the Escrow Agent may
request an opinion of the Company’s counsel as to the validity of the proposed amendment as a
condition to its execution of said amendment.

          6.3 Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation thereof.

4

 

          6.4 Binding Effect. This Agreement shall be binding upon and inure to the
benefit of the respective parties hereto and their legal representative, successors and assigns.

          6.5 Notices. Any notice or other communication required or which may be
given hereunder shall be in writing and either be delivered personally or by private national
courier service, or be mailed, certified or registered mail, return receipt requested, postage
prepaid, and shall be deemed given when so delivered personally or, if sent by private national
courier service, on the next business day after delivery to the courier, or, if mailed, two
business days after the date of mailing, as follows:

if to the Escrow Agent, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, NY 10004

Attn: Leslie DeLuca

Fax No.: (212) 616-7620

if to the Company, to:

L&L Acquisition Corp.

265 Franklin Street, 20th Floor

Boston, MA 02110

Attn: John L. Shermyen

Fax No.: (617) 330-7759

and a copy, which shall not constitute notice, to:

Goodwin Procter LLP

The New York Times Building

620 Eighth Avenue

New York, New York 10018

Attn: Michael D. Maline, Esq.

Fax No.: (212) 355-3333

if to any Initial Stockholder, to the address set forth in Exhibit A hereto.

if the to the Underwriters, to:

Morgan Joseph & Co. Inc.,

600 Fifth Avenue, 19th Floor

New York, NY 10020

Attn: Tina Pappas

Fax No.: (212) 218-3760

5

 

with a copy, to:

McDermott Will & Emery LLP

340 Madison Avenue

New York, New York 10173

Attn: Joel L. Rubinstein, Esq.

Fax No.: (212) 547-5444

     The parties may change the persons and addresses to which the notices or other communications
are to be sent by giving written notice to any such change in the manner provided herein for giving
notice.

          6.6 Liquidation of Company; Forfeiture. The Company shall give the Escrow
Agent prompt written notification of (i) the liquidation of the Company, (ii) forfeiture of up to
an aggregate of 187,500 Escrow Shares held by the Initial Stockholders to the extent the
Underwriters’ over-allotment option is not exercised in full, as further described in the
Registration Statement or (iii) forfeiture of the Second Tranche Shares on the Second Tranche
Deadline.

          6.7 Trust Account Waiver. Notwithstanding anything herein to the contrary,
the Escrow Agent hereby waives any and all right, title, interest, demand, damages, action, causes
of action or claim of any kind whatsoever, known or unknown, foreseen or unforeseen, in law or
equity (a “Claim”) that it has or may have against the Company or in or to any distribution of the
trust account (the “Trust Account”) in which the proceeds of the initial public offering conducted
by the Company pursuant to the Prospectus (the “IPO”) and the proceeds of the sale of the Private
Warrants will be deposited and held for the benefit of the holders of the securities purchased in
the IPO, as described in greater detail in the Prospectus, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason
whatsoever.

          6.8 Third-Party Beneficiaries. Each Initial Stockholder hereby acknowledges
that the Underwriters, including, without limitation, the Representative, are third-party
beneficiaries of this Agreement and this Agreement cannot be modified or changed without the prior
written consent of the Representative.

          6.9 Counterparts. This Agreement may be executed in several counterparts
each one of which shall constitute an original and may be delivered by facsimile transmission and
together shall constitute one instrument.

[remainder of page intentionally left blank]

6

 

     IN WITNESS WHEREOF, the Company has caused the execution of this Agreement as of the date
first above written.

	 	 	 	 	 
	 	L&L ACQUISITION CORP.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	
John L. Shermyen

 	 

	 	 	 	 	 
	 	LLM STRUCTURED EQUITY FUND L.P.

 	 
	 	By:  	LLM Advisors L.P., its General Partner

 	 
	 	By:  	LLM Advisors LLC, its General Partner
 	 
	 	By:  	LLM Capital Partners LLC, its Manager 	 
	 
	 	By:  	
 	 
	 	 	Name:  	Frederick S. Moseley, IV 	 
	 	 	Title:  	Managing Director 	 
	 

[signatures continue on following page]

Signature Page to Securities Escrow Agreement

 

 

	 	 	 	 	 
	 	LLM INVESTORS L.P.

 	 
	 	By:  	LLM Advisors L.P., its General Partner

 	 
	 	By:  	LLM Advisors LLC, its General Partner
 	 
	 	By:  	LLM Capital Partners LLC, its Manager 	 
	 
	 	By:  	 	 
	 	 	Name:  	Frederick S. Moseley, IV 	 
	 	 	Title:  	Managing Director 	 
	 
	 
	 	 	 
	 	John A. Svahn

 	 
	 	 	 
	 	 	 
	 	E. David Hetz

 	 
	 
	 	 	 
	 	Alan W. Pettis

 	 
	 
	 	 	 
	 	
William A. Landman

 	 
	 	 	 
	 	 	 
	 	Diane M. Dayche

 	 
	 
	 	 	 
	 	Mitchell Eisenberg

 	 
	 
	 	 	 
	 	Alan R. Hoops

 	 
	 	 	 
	Underwriter Warrantholders:
	 
	 	 	 
	 	MORGAN JOSEPH LLC	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	EARLYBIRDCAPITAL, INC.	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Securities Escrow Agreement

 

 

EXHIBIT A

LIST OF INITIAL STOCKHOLDERS

	 	 	 	 	 	 	 
	Name	 	First Tranche Shares	 	Second Tranche Shares	 	Warrants
	John L. Shermyen

11715 NW 122 Terrace

Alachua, Florida 32615 

Fax
No.: (386) 462-1247

	 	303,632 shares (up
to 39,604 of which
will be forfeited
if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	379,540 shares (up
to 49,505 of which
will be forfeited if
the Underwriter’s
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	LLM Structured Equity
Fund L.P.

265 Franklin Street,

20th Floor

Boston, MA 02110 

Fax No.: (617) 330-7759

	 	292,174 shares (up
to 38,110 of which
will be forfeited
if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	365,217 shares (up
to 47,637 of which
will be forfeited if
the Underwriters’
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	LLM Investors L.P. 

65 Franklin Street,

20th Floor

Boston, MA 02110

Fax No.: (617) 330-7759

	 	11,458 shares (up
to 1,495 of which
will be forfeited
if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	14,323 shares (up to
1,868 of which will
be forfeited if the
Underwriter’s
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	John A. Svahn

4790 Caughlin Parkway,
#317

Reno, Nevada 89519

Fax No.: n/a

	 	8,625 shares (up to
1,125 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	10,781 shares (up to
1,406 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	E. David Hetz 

14 Summit Avenue 

Kennebunkport, ME 04046

Fax No.: (617) 330-7759

	 	8,625 shares (up to
1,125 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	10,781 shares (up to
1,406 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	Alan W. Pettis

5 Thunderbird Drive

Newport Beach, CA 92660

Fax No.: n/a

	 	8,625 shares (up to
1,125 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	10,781 shares (up to
1,406 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 
	 	 	 	 
	William A. Landman

324 Grays Lane

Haverford, PA 19041

Fax No.: (610) 896-3083

	 	5,750 shares (up to
750 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	7,188 shares (up to
938 of which will be
forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 
	Diane M. Daych

20 Park Avenue

Madison, CT 06443

Fax No.: (212) 532-3652

	 	8,625 shares (up to
1,125 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	10,781 shares (up
to 1,406 of which
will be forfeited
if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	 
	 
	 	 	 	 	 	 
	Mitchell Eisenberg

3321 SW 58th Street

Fort Lauderdale, FL 33312

Fax No.: (954) 851-1752

	 	5,750 shares (up to
750 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	7,188 shares (up to
938 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)	 	 
	 
	 	 	 	 	 	 
	Alan R. Hoops

9 Rim Ridge

Newport Coast, CA 92657

Fax No.: (562) 622-2818

	 	5,750 shares (up to
750 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)
	 	7,188 shares (up to
938 of which will
be forfeited if the
Underwriters’
over-allotment
option is not
exercised in full)	 	 

 

 

EXHIBIT B

ESCROW AGENT FEES

$2,400 annually for acting as escrow agent.

First year escrow agent fee to be paid at closing.

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