Document:

Exhibit
10.7

 

Pono
Capital Corp

643
Ilalo Street

Honolulu,
Hawaii 96813

 

November
9, 2022

 

Ladies
and Gentlemen:

 

Pono
Capital Corp (the “Company”), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a “Business Combination”), may extend the date on which it must wind-up and liquidate pursuant to its organizational documents,
for up to two 3-month periods to the date that is 18 months after the closing of the Company’s initial public offering, by depositing
$1,150,000 per extension (each, an “Extension Fee”) into the Company’s trust account with Continental Stock Transfer
& Trust Company (the “Trustee”).

 

Aerwins
Technologies, Inc. (“Aerwins”) has agreed to purchase securities from the Company that will enable payment of half of the
Extension Fees necessary to extend the date of the Company’s wind-up and liquidation to February 13, 2023, the date that is 18
months after the closing of the Company’s initial public offering. Concurrently, Mehana Capital LLC will purchase securities from
the Company that will enable payment of the remaining half of the Extension Fees for the second extension (the “Mehana Purchase”).
Accordingly, Aerwins hereby commits that it will purchase 57,500 units of the Company (“Private Units”), each Private Unit
consisting of one share of Class A common stock of the Company, par value $0.000001 per share (the “Class A Common Stock”),
and three-quarters of one warrant (the “Warrants”), with each whole warrant entitling its holder to purchase one (1) share
of Class A Common Stock, for an aggregate purchase price of $575,000 (the “Private Unit Purchase Price”), to be paid directly
to the Trustee to fund the second Extension Fee.

 

On
or before November 9, 2022, Aerwins will cause the Private Unit Purchase Price to be delivered to the Trustee, by wire transfer
as set forth in the instructions attached as Exhibit A to be held in the Trust Account. In accordance with Section 5.3 of that
certain Agreement and Plan of Merger, dated as of September 7, 2022, between the Company, Pono Merger Sub, Inc., Aerwins, Mehana Equity,
LLC and Shuhei Komatsu, Aerwins hereby consents to the issuance of securities by the Company and the actions related thereto as contemplated
by this letter agreement and the Mehana Purchase.

 

Each
of the Company, and the undersigned acknowledges and agrees that the Trustee is serving hereunder solely as a convenience to the parties
to facilitate the purchase of the Private Units and the Trustee’s sole obligation under this letter agreement is to act with respect
to holding and disbursing the Private Unit Purchase Price as described above. The Trustee shall not be liable to the Company, or the
undersigned or any other person or entity in respect of any act or failure to act hereunder or otherwise in connection with performing
its services hereunder unless the Trustee has acted in a manner constituting gross negligence or willful misconduct. The Company and
the undersigned shall indemnify the Trustee against any claim made against it (including reasonable attorney’s fees) by reason
of it acting or failing to act in connection with this letter agreement except as a result of its gross negligence or willful misconduct.
The Trustee may rely and shall be protected in acting or refraining from acting upon any written notice, instruction or request furnished
to it hereunder and believed by it to be genuine and to have been signed or presented by the proper party or parties.

 

The
Private Units will be identical to the units sold by the Company in the IPO. Additionally, the undersigned agrees:

 

	 	●	to
    vote the shares of Class A Common Stock included in the Private Units in favor of any proposed Business Combination;

 

	 	●	not
    to propose, or vote in favor of, an amendment to the Company’s Amended and Restated Certificate of Incorporation that would
    affect the substance or timing of the Company’s obligation to redeem 100% of the Company’s shares of Class A Common Stock
    sold in the IPO if the Company does not complete an initial Business Combination within 12 months from the closing of the IPO (or
    up to 18 months from the closing of the IPO if the Company extends the period of time to consummate an initial Business Combination
    as described in more detail in the prospectus included in the Registration Statement), unless the Company provides the holders of
    shares of Class A Common Stock sold in the IPO with the opportunity to redeem their shares of Class A Common Stock upon approval
    of any such amendment at a per-share price, payable in cash, equal to the aggregate amount of the Trust Account, including interest
    earned on Trust Account and not previously released to the Company to pay the Company’s franchise and income taxes, divided
    by the number of then outstanding shares of Class A Common Stock sold in the IPO;

 

    	 

     

    

 

	 	●	not
    to convert any shares of Class A Common Stock included in the Private Units into the right to receive cash from the Trust Account
    in connection with a shareholder vote to approve either a Business Combination or an amendment to the provisions of the Company’s
    Amended and Restated Certificate of Incorporation, and not to tender the Private Units in connection with a tender offer conducted
    prior to the closing of a Business Combination;

 

	 	●	the
    undersigned will not participate in any liquidation distribution with respect to the Private Units (but will participate in liquidation
    distributions with respect to any units or shares of Class A Common Stock purchased by the undersigned in the IPO or in the open
    market) if the Company fails to consummate a Business Combination; and

 

	 	●	that
    the Private Units, and underlying securities will not be transferable until after the consummation of a Business Combination except
    (i) to the Company’s pre-IPO shareholders, or to the Company’s officers, directors, advisors and employees, (ii) transfers
    to the undersigned’s affiliates or its members upon its liquidation, (iii) to relatives and trusts for estate planning purposes,
    (iv) by virtue of the laws of descent and distribution upon death, (v) pursuant to a qualified domestic relations order, (vi) by
    private sales made in connection with the consummation of a Business Combination at prices no greater than the price at which the
    Private Units were originally purchased or (vii) to the Company for cancellation in connection with the consummation of a Business
    Combination, in each case (except for clause vii) where the transferee agrees to the terms of the transfer restrictions.

 

The
undersigned hereby represents and warrants that:

 

	 	(a)	it
    has been advised that the Private Units have not been registered under the Securities Act;
	 	 	 
	 	(b)	it
    will be acquiring the Private Units for its account for investment purposes only;
	 	 	 
	 	(c)	it
    has no present intention of selling or otherwise disposing of the Private Units in violation of the securities laws of the United
    States;
	 	 	 
	 	(d)	it
    is an “accredited investor” as defined by Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended;
	 	 	 
	 	(e)	it
    has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons
    acting on its behalf concerning the terms and conditions of the offer made hereunder;
	 	 	 
	 	(f)	it
    is familiar with the proposed business, management, financial condition and affairs of the Company;
	 	 	 
	 	(g)	it
    has full power, authority and legal capacity to execute and deliver this letter and any documents contemplated herein or needed to
    consummate the transactions contemplated in this letter; and
	 	 	 
	 	(h)	this
    letter constitutes its legal, valid and binding obligation, and is enforceable against it.

 

This
letter agreement constitutes the entire agreement between the undersigned and the Company with respect to the purchase of the Private
Units, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral,
with respect to the same.

 

	 	Very
    truly yours,
	 	 	 
	 	AERWINS
    TECHNOLOGIES, INC. 
	 	 	 
	 	By:	 /s/
    Shuhei Komatsu
	 	Name:	 Shuhei
    Komatsu
	 	Title:	Chief
    Executive Officer

 

	Accepted
    and Agreed:  	 
	   	 
	PONO
    CAPITAL CORP  	 
	 	 	 
	By:	 /s/
    Dustin Shindo	 
	Name:	Dustin
    Shindo	 
	Title:	Chief
    Executive Officer	 

 

    	 

     

    

 

Exhibit
A

 

Trustee

 

Wire
InstructionsEX-10.1

  Exhibit 10.1

   

  pepgen INC. 

  NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

  The purpose of this Non-Employee Director Compensation Policy (the “Policy”) of PepGen Inc. (the “Company”) is to provide a total compensation package that enables the Company to attract and retain, on a long-term basis, high-caliber directors who are not employees or officers of the Company or its subsidiaries (“Outside Directors”).  This Policy is effective as of July 1, 2022 (the “Effective Date”).  In furtherance of the purpose stated above, all Outside Directors shall be paid compensation for services provided to the Company as set forth below:

  Cash Retainers

  Annual Retainer for Board Membership:  $35,000 for general availability and participation in meetings and conference calls of our Board of Directors, to be paid quarterly in arrears, pro-rated based on the number of actual days served by the director during such calendar quarter.  No additional compensation will be paid for attending individual meetings of the Board of Directors.

  Additional Annual Retainer for Non-Executive Chair:  				$30,000

  Additional Annual Retainers for Committee Membership:

  Audit Committee Chair:	$15,000

  Audit Committee member:	$7,500

  Compensation Committee Chair:	$10,000

  Compensation Committee member:	$5,000

  Nominating and Corporate Governance Committee Chair:	$8,000

  Nominating and Corporate Governance Committee member:	$4,000

  Chair and committee member retainers are in addition to retainers for members of the Board of Directors.  No additional compensation will be paid for attending individual committee meetings of the Board of Directors.

  Equity Retainers

  Initial Award: An initial, one-time stock option award (the “Initial Award”) to purchase 22,686 shares will be granted to each new Outside Director upon his or her election to the Board of Directors, which shall vest as follows: 25% on the first anniversary of such Outside Director’s election to the Board of Directors, and the remainder ratably in equal monthly installments over the remaining three years, provided, however, that all vesting shall cease if the individual ceases to serve as a director of the Company, unless the Board of Directors determines that the circumstances warrant continuation of vesting.  The Initial Award shall expire ten years from 

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  Exhibit 10.1

  the date of grant, and shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2022 Stock Option and Incentive Plan) of the Company’s common stock on the date of grant.  This Initial Award applies only to Outside Directors who are first elected to the Board of Directors subsequent to the Effective Date.

  Annual Award:  On each date of each Annual Meeting of Stockholders of the Company following the Effective Date (the “Annual Meeting”), each continuing Outside Director, who has been appointed to the Board of Directors for at least four months, will receive an annual stock option award (the “Annual Award”) to purchase 11,343 shares (provided that any such Outside Director not serving for the prior 12 months will have such grant pro-rated to reflect months of service in the prior year), which shall vest in full upon the earlier of (i) the first anniversary of the date of grant or (ii) the date of the next Annual Meeting; provided, however, that all vesting shall cease if the individual ceases to serve as a director, unless the Board of Directors determines that the circumstances warrant continuation of vesting.  Such Annual Award shall expire ten years from the date of grant, and shall have a per share exercise price equal to the Fair Market Value (as defined in the Company’s 2022 Stock Option and Incentive Plan) of the Company’s common stock on the date of grant.

  Sale Event Acceleration:  All outstanding Initial Awards and Annual Awards held by an Outside Director shall become fully vested and exercisable upon a Sale Event (as defined in the Company’s 2022 Stock Option and Incentive Plan).

  Expenses

  The Company will reimburse all reasonable out-of-pocket expenses incurred by non-employee directors in attending meetings of the Board of Directors or any committee thereof.

  Maximum Annual Compensation

  The aggregate amount of compensation, including both equity compensation and cash compensation, paid by the Company to any Outside Director in a calendar year for services as an Outside Director period shall not exceed $750,000; provided, however, that such amount shall be $1,000,000 for the calendar year in which the applicable Outside Director is initially elected or appointed to the Board of Directors; (or such other limits as may be set forth in Section 3(d) of the Company’s 2022 Stock Option and Incentive Plan or any similar provision of a successor plan).  For this purpose, the “amount” of equity compensation paid in a calendar year shall be determined based on the grant date fair value thereof, as determined in accordance with FASB ASC Topic 718 or its successor provision, but excluding the impact of estimated forfeitures related to service-based vesting conditions.

  Adopted June 30, 2022.

   

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