IT's a ten-years law, and a ten-year license. But, all PC/LT's will not magically cease running at that magic ten-year point. MS will stop (or at least slow down) support and assistance then, maybe, or change its mind.
PC/LT's will continue running along as if ten-years means nothing. Reload, reboot, recover, etc., and until something fails, you can continue to run W7, or XP, or whatever. Some new programs won't run on it, some data won't open, some games wan't play, but the OS will run until it dies. And, you won't be able to buy that OS in a new Pc/LT. But the W7 life will go on until all the parts wear out. That's what tech-stupid Monkey thinks, anyway.