SEC Contract Filing

Filing Date: 2023-06-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>tm2318720d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAREHOLDER LOCK-UP AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This SHAREHOLDER LOCK-UP
AGREEMENT (this &ldquo;<B><I>Agreement</I></B>&rdquo;) is made and entered into as of June&nbsp;16, 2023, by and among JEPLAN Holdings,&nbsp;Inc.,
a Japanese corporation (<I>kabushiki kaisha</I>) incorporated under the laws of Japan and a direct wholly-owned Subsidiary of the Company
(&ldquo;<B><I>PubCo</I></B>&rdquo;), JEPLAN,&nbsp;Inc., a Japanese corporation (<I>kabushiki kaisha</I>) incorporated under the laws
of Japan (the &ldquo;<B><I>Company</I></B>&rdquo;), AP Acquisition Corp, an exempted company limited by shares incorporated under the
laws of the Cayman Islands (&ldquo;<B><I>SPAC</I></B>&rdquo;), and each such Person listed on <U>Schedule A</U> hereto (each, a &ldquo;<B><I>Shareholder</I></B>&rdquo;
and collectively, the &ldquo;<B><I>Shareholders</I></B>&rdquo;). Capitalized terms used herein but not defined herein shall have the
meaning ascribed to such terms in the Business Combination Agreement (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>WHEREAS</B>,
PubCo, the Company, SPAC and JEPLAN MS,&nbsp;Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands
and a direct wholly-owned Subsidiary of PubCo (&ldquo;<B><I>Merger Sub</I></B>&rdquo;) are concurrently herewith entering into a Business
Combination Agreement (as the same may be amended, restated and/or supplemented from time to time, the &ldquo;<B><I>Business Combination
Agreement</I></B>&rdquo;) pursuant to which, among other things, (a)&nbsp;PubCo and the Company will implement and consummate the Pre-Merger
Reorganization, upon which the Company will become a wholly-owned Subsidiary of PubCo and all Company Shareholders will, subject to the
terms and conditions of the Business Combination Agreement, become holders of the PubCo Common Shares (or, if applicable, PubCo ADSs);
and (b)&nbsp;following the Pre-Merger Reorganization, Merger Sub will merge with and into SPAC, with SPAC being the surviving entity
and becoming a wholly-owned Subsidiary of PubCo; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>WHEREAS</B>,
as a condition to its willingness to enter into the Business Combination Agreement, SPAC has requested that the Shareholders enter into
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>NOW,
THEREFORE</B>, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below,
and the representations, warranties, covenants and agreements contained in this Agreement and the Business Combination Agreement, and
intending to be legally bound hereby, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Article&nbsp;I</B></FONT><B><BR>
Representations and Warranties of the Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each Shareholder, severally
and not jointly, hereby represents and warrants to SPAC, the Company and PubCo as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Organization
and Standing</U>. If such Shareholder is not a natural person, (a)&nbsp;such Shareholder has been duly organized and is validly existing
and in good standing under the Laws of the place of its incorporation or establishment and has all requisite corporate power and authority
to own, lease and operate its properties and to carry on its business as now being conducted; and (b)&nbsp;such Shareholder is duly qualified
or licensed and in good standing to do business in each jurisdiction in which the character of the property owned, leased or operated
by it or the nature of the business conducted by it makes such qualification or licensing necessary, except where the failure to be so
qualified or licensed and in good standing has not had, and would not reasonably be expected to have, individually or in the aggregate,
a material adverse effect on the ability of such Shareholder to enter into and perform this Agreement and to consummate the transactions
contemplated hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Seri