Document:

Exhibit
10.3

APPLE
REIT TEN, INC.

2010
NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

EFFECTIVE
_______________, 2010

APPLE
REIT TEN, INC.

2010
NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN

EFFECTIVE
_______________, 2010

          1. Purpose. The purpose of this Apple REIT
Ten, Inc. 2010 Non-Employee Directors Stock Option Plan (the “Plan”) is to
encourage ownership in Apple REIT Ten, Inc. (the “Company) by non-employee
members of the Board, in order to promote long-term stockholder value and to
provide non-employee members of the Board with an incentive to continue as
directors of the Company. 

          2. Definitions. As used in the Plan, the
following terms have the meanings indicated:

	
  

 	
  

 
	
  

 	
           (a)
 “Act” means the Securities Exchange Act of 1934, as amended.

 
	
  

 	
  

 
	
  

 	
           (b)
 “Board” means the board of directors of the Company.

 
	
  

 	
  

 
	
  

 	
           (c)
 “Code” means the Internal Revenue Code of 1986, as amended.

 
	
  

 	
  

 
	
  

 	
           (d)
 “Company” means Apple REIT Ten, Inc., a Virginia corporation.

 
	
  

 	
  

 
	
  

 	
           (e)
 “Date of Grant” means the date as of which an Eligible Director is
 automatically awarded an Option pursuant to Section 7.

 
	
  

 	
  

 
	
  

 	
           (f)
 “Disability” or “Disabled” means that the participant (i) is unable to engage
 in any substantial gainful activity by reason of any medically determinable
 physical or mental impairment which can be expected to result in death or can
 be expected to last for a continuous period of not less than 12 months, or
 (ii) is, by reason of any medically determinable physical or mental
 impairment which can be expected to result in death or can be expected to
 last for a continuous period of not less than 12 

 

	
  

 	
  

 
	
  

 	
 months, receiving income replacement benefits for a
 period of not less than 3 months under an accident and health plan covering
 employees of the Employer.

 
	
  

 	
  

 
	
  

 	
           (g)
 “Eligible Director” means a director described in Section 4.

 
	
  

 	
  

 
	
  

 	
           (h)
 “Fair Market Value” means, on any given date, (i) if the Units are traded on
 an exchange, the closing registered sales prices of the Company Stock on such
 day on the exchange on which it generally has the greatest trading volume,
 (ii) if the Units are traded on the over-the-counter market, the average
 between the closing bid and asked prices on such day as reported by NASDAQ, or
 (iii) if the Units are not traded on any exchange or over-the-counter market,
 the fair market value shall be determined by the Board using the reasonable
 application of a reasonable valuation method consistent with the requirements
 of Treasury Regulations section 1.409A-1(b)(5)(iv)(B).

 
	
  

 	
  

 
	
  

 	
           (i)
 “Initial Closing” means the first closing of the Offering that will occur
 after the Minimum Offering is achieved.

 
	
  

 	
  

 
	
  

 	
           (j)
 “Insider” means a person subject to Section 16(b) of the Act.

 
	
  

 	
  

 
	
  

 	
           (k)
 “Minimum Offering” means the sale of 9,523,810 Units pursuant to the
 Offering.

 
	
  

 	
  

 
	
  

 	
           (l)
 “Offering” means, collectively, (1) the sale of up to $2,000,000,000 in Units
 to the public and the registration of such shares with the Securities and
 Exchange Commission, as authorized by resolutions of the Board dated [August   , 2010] (the “Initial Offering”), and (2) the issuance of any additional
 Units as authorized by resolutions of the Board from time to time, which
 issuance occurs before the termination of this Plan (the “Additional
 Offerings”).

 

2

	
  

 	
  

 
	
  

 	
           (m)
 “Option” means a right to acquire Units granted under the Plan, at a price
 determined in accordance with the Plan.

 
	
  

 	
  

 
	
  

 	
           (n)
 “Treasury Regulations” mean the final, temporary or proposed regulations
 issued by the Treasury Department and/or Internal Revenue Service as codified
 in Title 26 of the United States Code of Federal Regulations

 
	
  

 	
  

 
	
  

 	
           (o)
 “Unit” means one common share and one Series A preferred share, no par value,
 of the Company. If the par value of the common shares or Series A preferred
 shares is changed, or in the event of a change in the capital structure of
 the Company (as provided in Section 12), the Units resulting from such a
 change shall be deemed to be Units within the meaning of the Plan.

 

          3. Administration. The Plan shall be
administered by the Board. Options shall be granted as described in Section 7.
However, the Board shall have all powers vested in it by the terms of the Plan,
including, without limitation, the authority (within the limitations described
herein) to prescribe the form of the agreement embodying the grant of Options,
to construe the Plan, to determine all questions arising under the Plan, and to
adopt and amend rules and regulations for the administration of the Plan as it
may deem desirable. Any decision of the Board in the administration of the
Plan, as described herein, shall be final and conclusive. The Board may act
only by a majority of its members in office, except that members thereof may
authorize any one or more of their number or any officer of the Company to
execute and deliver documents on behalf of the Board. No member of the Board
shall be liable for anything done or omitted to be done by him or any other member
of the Board in connection with the Plan, except for his own willful misconduct
or as expressly provided by statue.

3

          4. Participation in the Plan. Each director
of the Company who is not otherwise an employee of the Company or any subsidiary
of the Company and was not an employee of the Company or subsidiary for a
period of at least one year before the Date of Grant shall be eligible to
participate in the Plan.

          5. Securities Subject to the Plan. Subject
to Section 12 of the Plan, there shall be reserved for issuance under the Plan
an aggregate of 45,000 Units plus 1.8% of the total number of Units issued in
the Offering in excess of the Minimum Offering, which shall be authorized, but
unissued Units. Units allocable to Options or portions thereof granted under
the Plan that expire, are forfeited or otherwise terminate unexercised may
again be subjected to an Option under the Plan. The cash proceeds from Option
exercises shall not be used to repurchase common shares and Series A preferred
share of the Company on the open market or otherwise for reuse under the Plan. 

          6. Non-Statutory Stock Options. All Options
granted under the Plan shall be non-statutory in nature and shall not be
entitled to special tax treatment under Code section 422.

          7. Award, Terms, Conditions and Form of Options.
Each Option shall be evidenced by a written agreement in such form as the Board
shall from time to time approve, which agreement shall comply with and be
subject to the following terms and conditions:

	
  

 	
  

 	
  

 
	
  

 	
           (a)
 Automatic Award of Option.

 
	
  

 	
  

 
	
  

 	
  

 	
           (i)
 As of the Initial Closing, each Eligible Director shall automatically receive
 an Option to purchase 5,500 Units plus 0.0125% of the number of Units in
 excess of the Minimum Offering sold by the Initial Closing.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (ii)
 As of each June 1 during the years 2011 and ending upon the termination of
 the Plan, each Eligible Director shall automatically receive an 

 

4

	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Option to purchase 0.02% of the total number of
 Units issued and outstanding on that date.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (iii)
 As of the election as a director of any new person who qualifies as an
 Eligible Director, such Eligible Director shall automatically receive an
 Option to purchase 5,500 Units.

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (iv)
 If at any time under the Plan there are not sufficient Units available to
 fully permit the automatic Option grants described in this paragraph, the
 Option grants shall be reduced pro rata (to zero if necessary) so as not to
 exceed the number of Units available.

 
	
  

 	
  

 	
  

 
	
  

 	
           (b)
 Option Exercise Price. Subject to Section 12 below, the Option
 exercise price shall never become less than 100% of the Fair Market Value of
 the Units subject to the Option on the Date of Grant.

 
	
  

 	
  

 
	
  

 	
           (c)
 Options Not Transferable. An Option shall not be transferable by the
 optionee otherwise than by will, or by the laws of descent and distribution,
 and shall be exercised during the lifetime of the optionee only by him. An
 Option transferred by will or by the laws of descent and distribution may be
 exercised by the optionee’s personal representative within one year of the
 date of the optionee’s death to the extent the optionee could have exercised
 the Option on the date of his death. No Option or interest therein may be
 transferred, assigned, pledged or hypothecated by the optionee during his
 lifetime, whether by operation of law or otherwise, or be made subject to
 execution, attachment or similar process.

 

5

	
  

 	
  

 	
  

 
	
  

 	
           (d)
 Exercise of Options. In no event shall an Option be exercisable
 earlier than six months from the later of the Date of Grant or the date of
 approval of the Plan by shareholders of the Company. Furthermore, no Option
 may be exercised:

 
	
  

 	
  

 
	
  

 	
  

 	
           (i)
 Before any amendment or restatement that requires shareholder approval
 pursuant to Section 13 of the Plan, is approved by shareholders of the
 Company;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (ii)
 Unless at such time the optionee is a director of the Company, except that he
 may exercise the Option within three years of the date he ceases to be a
 director of the Company if he ceased to be a director more than six months
 after the Date of Grant of the Option;

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (iii)
 After the expiration of ten years from the Date of Grant; and

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
           (iv)
 Except by written notice to the Company at its principal office, stating the
 number of Units the optionee has elected to purchase, accompanied by payment
 in cash and/or by delivery to the Company of the Units (valued at Fair Market
 Value on the date of exercise) in the amount of the full Option exercise
 price for the shares of Units being acquired thereunder.

 

          8. Modification and Extension of Options Prohibited.

	
  

 	
  

 
	
  

 	
           (a)
 Notwithstanding any provision of this Plan or any Option agreement to the
 contrary, (i) no Modification shall be made in respect to any Option if such
 Modification would result in the Option constituting a deferral of
 compensation, and (ii) no Extension shall be made in respect to any Option,
 if such Extension would result in the Option having an additional deferral
 feature from the Date of Grant, in each case within the meaning of applicable
 Treasury Regulations under Code section 409A.

 

6

	
  

 	
  

 
	
  

 	
           (b)
 Subject to subsection (d) below, a “Modification” for purposes of subsection
 (a) means any change in the terms of the Option (or change in the terms of
 the Plan or applicable Option agreement) that may provide the holder of the
 Option with a direct or indirect reduction in the exercise price of the
 Option, regardless of whether the holder in fact benefits from the change in
 terms.

 
	
  

 	
  

 
	
  

 	
           (c)
 Subject to subsection (d) below, an “Extension” for purposes of subsection
 (a) means either (i) the provision to the holder of an additional period of
 time within which to exercise the Option beyond the time originally
 prescribed, or (ii) the conversion or exchange of the Option for a legally
 binding right to compensation in a future taxable year, or (iii) the addition
 of any feature for the deferral of compensation to the terms of the Option,
 or (iv) any renewal of the Option that has the effect of (i) through (iii)
 above.

 
	
  

 	
  

 
	
  

 	
           (d)
 Notwithstanding subsections (b) and (c) above, it shall not be a Modification
 or an Extension, respectively, to change the terms of an Option in accordance
 with Section 13 of the Plan, or in any of the other ways or for any of the
 other purposes provided in applicable Treasury Regulations or other guidance
 under Code section 409A as not resulting in a Modification or Extension for
 purposes of that section. In particular, it shall not be an Extension to
 extend the exercise period of an Option to a date no later than the earlier
 of (i) the latest date upon which the Option could have expired by its
 original terms under any circumstances or (ii) the 10th
 anniversary of the original Date of Grant.

 

          9. Effective Date of the Plan. This Plan
was originally effective on [ _________________, 2010], having been approved by
the shareholders of the Company on such date. Until the requirements of any applicable
state or federal securities laws have been met, no Option 

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shall be exercisable that is not contingent on the
satisfaction of these requirements. If at any time subsequent to the initial
satisfaction of these requirements, the requirements of any applicable federal
or state securities laws fail to be met, no Option granted shall be exercisable
until the Board has determined that these requirements have again been met.

          10. Termination. The Plan shall terminate
upon the earlier of:

	
  

 	
  

 
	
  

 	
           (a)
 The adoption of a resolution of the Board terminating the Plan; or

 
	
  

 	
  

 
	
  

 	
           (b)
 The date on which the Company’s existence terminates (provided, however, that
 if the existence of the Company is reinstated as permitted by law, the Plan shall
 continue during the effective period of any reinstatement, subject to earlier
 termination pursuant to Section 10(a) above).

 

No termination of the Plan shall without his consent
materially and adversely affect any of the rights or obligations of any person
under any Option previously granted under the Plan.

          11. Limitation of Rights. 

	
  

 	
  

 
	
  

 	
           (a)
 No Right to Continue as a Director. Neither the Plan nor any action
 taken pursuant to the Plan shall constitute or be evidence of any agreement
 or understanding, express or implied, that the Company will retain any person
 as a director for any period of time.

 
	
  

 	
  

 
	
  

 	
           (b)
 No Shareholders Rights Under Options. An optionee shall have no rights
 as a shareholder with respect to Units covered by his Option until the date
 of exercise of the Option, and, except as provided in Section 12, no
 adjustment will be made for dividends or other rights for which the record
 date is prior to the date of such exercise.

 

          12. Changes in Capital Structure. 

8

	
  

 	
  

 
	
  

 	
           (a)
 In the event of a stock dividend, stock split or combination of stock,
 recapitalization or merger in which the Company is the surviving corporation
 or other change in the Company’s capital stock (including, but not limited
 to, the creation or issuance to shareholders generally of rights, options or
 warrants for the purchase of common shares or preferred shares of the
 Company), the number and kind of units or other securities to be subject to
 the Plan and to Options then outstanding or to be granted thereunder, the
 maximum number of units or securities which may be delivered under the Plan,
 the exercise price and other relevant provisions shall be proportionately
 adjusted by the Board, whose determination shall be binding on all persons.
 If the adjustment would produce fractional Units or other securities with
 respect to any unexercised Option, the Board shall round down the number of
 Units or other securities covered by the Option to the nearest whole Unit and
 round up the exercise price of the Option to the nearest cent so as to
 eliminate the fractional Unit and/or fractional cents.

 
	
  

 	
  

 
	
  

 	
           (b)
 If the Company is a party to a consolidation or a merger in which the Company
 is not the surviving corporation, a transaction that results in the
 acquisition of substantially all of the Company’s outstanding stock by a
 single person or entity, or a sale or transfer of substantially all of the
 Company’s assets, the Board may take such actions with respect to outstanding
 Options as the Board deems appropriate, consistent with applicable provisions
 of the Code and any applicable federal or state securities laws.

 
	
  

 	
  

 
	
  

 	
           (c)
 Notwithstanding anything in the Plan to the contrary, the Board may take the
 foregoing actions without the consent of any optionee and the Board’s
 determination shall be conclusive and binding on all persons for all
 purposes.

 

9

          13. Continuing Securities Law Compliance.
If at any time on or after the effective date of the Plan as described above,
the requirements of any applicable federal or state securities laws should fail
to be met, no Options shall be exercisable until the Board has determined that
these requirements have again been met. The Board may suspend the right to
exercise an Option at any time when it determines that allowing the exercise
and issuance of Units would violate any federal or state securities or other
laws, and may provide that any time periods to exercise the Option are extended
during a period of suspension.

          14. Amendment of the Plan. The Board may
terminate the Plan at any time and may amend the Plan at any time in any
respect as it shall deem advisable; provided that no change shall be made that
increases the total number of Units reserved for issuance under the Plan (except
pursuant to Section 12), materially modifies the requirements as to eligibility
for participation in the Plan, unless the change is authorized by the
shareholders of the Company owning a majority of the outstanding Units of the
Company. Notwithstanding the foregoing, the Board may unilaterally amend the
Plan and outstanding Options with respect to participants as it deems
appropriate to ensure compliance with Rule 16b-3 and other applicable federal
or state securities laws and to meet the requirements of the Code and
applicable regulations or other generally applicable guidance thereunder.
Except as provided in the preceding sentence, a termination or amendment of the
Plan shall not, without the consent of the Participant, adversely affect a
participant’s rights under an Award previously granted to him or her. 

          15. Notice. All notices and other
communications required or permitted to be given under this Plan shall be in
writing and shall be deemed to have been duly given if delivered personally or
mailed first class, postage prepaid, as follows: (a) if the Company – at its
principal 

10

business address to the attention of the President;
(b) if to any participant – at the last address of the participant know to the
sender at the time the notice or other communication is sent.

          16. Governing Law. The terms of this Plan
are subject to all present and future regulations and rulings of the Secretary
of the Treasury of the United States or his or her delegate. If any provision
of the Plan conflicts with any such regulation or ruling, then that provision
of the Plan shall be void and of no effect. Options granted under the Plan are
not intended to provide for any deferral of compensation that would be subject
to Code section 409A. The terms of the Plan shall be governed by the laws of
the Commonwealth of Virginia without regard to conflicts of law.

          IN
WITNESS WHEREOF, the Company has caused this Plan to be executed this _______
day of _______________, 2010.

	
  

 	
  

 	
  

 
	
  

 	
 APPLE REIT TEN, INC. 

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Glade M. Knight,

 
	
  

 	
  

 	
 Chairman of the Board

 

11exv10w1

Exhibit 10.1

PROMISSORY NOTE

	 	 	 

	Principal Amount: $37,500

	 	Dated as of July 29, 2010
	 

	 	Boston, MA

L&L Acquisition Corp., a Delaware corporation (the “Maker”), promises to pay to the order of LLM
Structured Equity Fund L.P. or its registered assigns or successors in interest (the “Payee”), or order,
the principal sum of Thirty Seven Thousand Five Hundred Dollars ($37,500) in lawful money of the
United States of America, on the terms and conditions described below. All payments on this Note
shall be made by check or wire transfer of immediately available funds or as otherwise determined
by the Maker to such account as the Payee may from time to time designate by written notice in
accordance with the provisions of this Note.

1. Principal. The principal balance of this Promissory Note (this “Note”) shall be payable on the
earlier of (i) June 30, 2011 or (ii) the date on which Maker consummates an initial public offering
of its securities. The principal balance may be prepaid at any time.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any costs
incurred in the collection of any sum due under this Note, including (without limitation)
reasonable attorney’s fees, then to the payment in full of any late charges and finally to the
reduction of the unpaid principal balance of this Note.

4. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within
five (5) business days following the date when due.

(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the Federal
Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian,
sequestrator (or other similar official) of Maker or for any substantial part of its property, or
the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in
furtherance of any of the foregoing.

(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having
jurisdiction in the premises in respect of Maker in an involuntary case under the Federal
Bankruptcy Code, as now or hereafter constituted, or any other applicable federal or state
bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days.

 

 

5. Remedies.

(a) Upon the occurrence of an Event of Default specified in Section 4(a) hereof, Payee may, by
written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid
principal amount of this Note, and all other amounts payable thereunder, shall become immediately
due and payable without presentment, demand, protest or other notice of any kind, all of which are
hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding.

(b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c), the unpaid
principal balance of this Note, and all other sums payable with regard to this Note, shall
automatically and immediately become due and payable, in all cases without any action on the part
of Payee.

6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to
the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the
terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future
laws exempting any property, real or personal, or any part of the proceeds arising from any sale of
any such property, from attachment, levy or sale under execution, or providing for any stay of
execution, exemption from civil process, or extension of time for payment; and Maker agrees that
any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any
writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.

7. Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its
liability shall be unconditional, without regard to the liability of any other party, and shall not
be affected in any manner by any indulgence, extension of time, renewal, waiver or modification
granted or consented to by Payee, and consents to any and all extensions of time, renewals,
waivers, or modifications that may be granted by Payee with respect to the payment or other
provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may
become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified
mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private
or governmental express mail or delivery service providing receipted delivery or (iv) sent by
telefacsimile or (v) to the following addresses or to such other address as either party may
designate by notice in accordance with this Section:

If to Maker:

L&L Acquisition Corp.

265 Franklin Street, 20th Floor

Boston, MA 02110

Attn: Peter Schofield, Chief Financial Officer

 

 

If to Payee:

LLM Structured Equity Fund L.P.

265 Franklin Street, 20th Floor

Boston, MA 02110

Attn: Peter Schofield, Chief Financial Officer

(617) 330-7755

Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the
date shown on a telefacsimile transmission confirmation, (iii) the date reflected on a signed
delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express
mail or delivery service.

9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE
COMMONWEALTH OF MASSACHUSETTS, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

10. Severability. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

11. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and
all right, title, interest or claim of any kind (“Claim”) in or to any distribution of the trust
account in which the proceeds of the initial public offering (the “IPO”) conducted by the Maker
(including the deferred underwriters discounts and commissions) and the proceeds of the sale of the
warrants issued in a private placement to occur prior to the effectiveness of the IPO, as described
in greater detail in the registration statement and prospectus filed with the Securities and
Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse,
reimbursement, payment or satisfaction for any Claim against the trust account for any reason
whatsoever.

12. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and
only with, the written consent of the Maker and the Payee.

13. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may
be made by any party hereto (by operation of law or otherwise) without the prior written consent of
the other party hereto and any attempted assignment without the required consent shall be void.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly
executed by its Chief Executive Officer the day and year first above written.

	 	 	 	 	 	 	 
	 	 	L&L ACQUISITION CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ John L. Shermyen
 

John L. Shermyen
	 	 
	 

	 	Title:
	 	Chief Executive Officer

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