Document:

exv10w2

Exhibit 10.2

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 John
L. Shermyen or his 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:

John L. Shermyen

265 Franklin Street, 20th Floor

Boston, MA 02110

(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 Officerexv10w6

Exhibit 10.6

L&L Acquisition Corp.     

August 17, 2010

LLM Capital Partners LLC

265 Franklin Street, 20th Floor

Boston, Massachusetts 02110

Re: Administrative Services Agreement

To Whom It May Concern:

     This letter will confirm our agreement that, commencing on the effective date (the “Effective
Date”) of the registration statement (the “Registration Statement”) of the initial public offering
(the “IPO”) of the securities of L&L Acquisition Corp. (the “Company”) and continuing until the
earliest to occur of (i) the consummation by the Company of an initial business combination, (ii)
the date occurring 18 months from the date of the final prospectus included in the Registration
Statement or (iii) the date on which we determine to dissolve and liquidate our trust account
pursuant to the Company’s Amended and Restated Certificate of Incorporation (in each case as
described in the Registration Statement) (such earliest date hereinafter referred to as the
“Termination Date”), LLM Capital Partners LLC shall make available to the Company, at 265 Franklin
Street, 20th Floor, Boston, Massachusetts 02110 (or any successor location of LLM
Capital Partners LLC), certain office space, general and administrative services and secretarial
support as may be reasonably required by the Company. In exchange therefore, the Company shall pay
LLM Capital Partners LLC the sum of $7,500 per month on the Effective Date and continuing monthly
thereafter until the Termination Date, with any payments in respect of a partial month pro-rated.

     This letter agreement constitutes the entire agreement and understanding of the parties hereto
in respect of its subject matter and supersedes all prior understandings, agreements, or
representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

     This letter agreement may not be amended, modified or waived as to any particular provision,
except by a written instrument executed by all parties hereto.

     No party hereto may assign either this letter agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other party. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

     LLM Capital Partner LLC hereby acknowledges that it has no right, title, interest or claim of
any kind (“Claim”) in or to any monies in the Trust Account (as defined in that certain Investment
Management Trust Agreement, dated as of the date hereof, by and between the Company and Continental
Stock Transfer & Trust Company, as trustee of the Trust Account), and hereby waives any Claim in or
to any monies in the Trust Account it has or may have in the future, and hereby agrees not to seek
recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any
reason whatsoever.

 

 

L&L Acquisition Corp. 

[Remainder of page intentionally left blank.]

     This letter agreement, the entire relationship of the parties hereto, and any litigation
between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed
by, construed in accordance with, and interpreted pursuant to the laws of the Commonwealth of
Massachusetts, without giving effect to its choice of laws principles.

	 	 	 	 	 
	 	        Very truly yours,

L&L ACQUISITION CORP.

 	 
	 	By:  	/s/ John L. Shermyen
 	 
	 	 	Name:  	John L. Shermyen 	 
	 	 	Title:  	C.E.O 	 
	 

	 	 	 	 	 

	AGREED TO AND ACCEPTED BY:
	 
	 	 	 	 
	LLM Capital Partners LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Frederick S. Moseley, IV	 	 
	 

	 	 	 	 
	 

	 	Name: Frederick S. Moseley, IV	 	 
	 

	 	Title: Managing Director	 	 

L& L Acquisition Corp.

265 Franklin Street, 20th Floor            Boston, MA 02110

Tel: 617-330-7755       Fax: 617-330-7759

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