Document:

Exhibit 10.1

 

FORM
OF LOCK-UP AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of September 7, 2022, by and between (i) Pono
Capital Corp., a Delaware corporation, which will be known after the consummation of the transactions contemplated by the Merger
Agreement (as defined below) as “Aerwins Technologies, Inc.” (the “Purchaser”), and (ii) the undersigned
(“Holder”). Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such
term in the Merger Agreement (as defined herein). Purchaser and Holder may be referred to herein individually as a “Party”
and collectively as the “Parties”.

 

WHEREAS,
on September 7, 2022, (i) the Purchaser, (ii) Pono Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser
(“Merger Sub”), (iii) Mehana Equity LLC, a Delaware limited liability company, (iv) Shuhei Komatsu, in the
capacity as the representative for the Company Stockholders, and (v) AERWINS Technologies Inc., a Delaware corporation (the “Company”),
entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger
Agreement”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing as the surviving
entity (the “Merger”), and as a result of which, all of the issued and outstanding capital stock of the Company,
immediately prior to the consummation of the Merger (the “Closing”), shall no longer be outstanding and shall
automatically be cancelled and shall cease to exist, in exchange for the Merger Consideration, all upon the terms and subject to the
conditions set forth in the Merger Agreement and in accordance with the applicable provisions of the of the DGCL;

 

WHEREAS,
immediately prior to the Closing, Holder is a holder of Company Stock; and

 

WHEREAS,
pursuant to the Merger Agreement, and in view of the valuable consideration to be received by Holder thereunder, the Parties desire to
enter into this Agreement, pursuant to which the Merger Consideration, received by Holder in the Merger (all such securities, together
with any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or
converted, the “Restricted Securities”) shall become subject to limitations on disposition as set forth herein.

 

    	1

     

    

 

NOW,
THEREFORE, in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below,
and intending to be legally bound hereby, the Parties hereby agree as follows:

 

1. Lock-Up
Provisions.

 

(a) Holder
hereby agrees not to, during the period commencing from the Closing and ending on the earliest of (x) six month anniversary of the date
of the Closing, and (y) the date after the Closing on which the Purchaser consummates a liquidation, merger, capital stock exchange,
reorganization or other similar transaction with an unaffiliated third party that results in all of Purchaser’s stockholders having
the right to exchange their shares of Purchaser Common Stock for cash, securities or other property, and (z) the date on which the closing
sale price of the Purchaser Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations and the like) for any twenty (20) trading days within any thirty (30) trading day period commencing at least one
hundred and fifty (150) days after the Closing (the “Lock-Up Period”): (i) lend, offer, pledge, hypothecate,
encumber, donate, assign, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any Restricted Securities, (ii)
enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction described
in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise (any
of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”) provided that 1⁄3 of
such Restricted Securities shall be released from such restrictions if the closing stock price of the Purchaser common stock reaches
each of $13.00, $15.00, and $17.00. The foregoing restrictions shall not apply to the transfer of any or all of the Restricted Securities
owned by Holder (I) by gift, will or intestate succession upon the death of Holder, (II) to any Permitted Transferee or (III) pursuant
to a court order or settlement agreement related to the distribution of assets in connection with the dissolution of marriage or civil
union; provided, however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that the transferee executes
and delivers to the Purchaser an agreement stating that the transferee is receiving and holding the Restricted Securities subject to
the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except in
accordance with this Agreement. As used in this Agreement, the term “Permitted Transferee” shall mean: (1)
the members of Holder’s immediate family (for purposes of this Agreement, “immediate family” shall mean with respect
to any natural person, any of the following: such person’s spouse or domestic partner, the siblings of such person and his or her
spouse or domestic partner, and the direct descendants and ascendants (including adopted and step children and parents) of such person
and his or her spouses or domestic partners and siblings), (2) any trust for the direct or indirect benefit of Holder or the immediate
family of Holder, (3) if Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust,
(4) in the case of an entity, partners, members, managers, investment managers or stockholders of such entity that receive such transfer
as a distribution, (5) to any affiliate of Holder, (6) any charitable foundation controlled by the undersigned, its members or stockholders
or any of their respective immediate family; and (7) any transferee whereby there is no change in beneficial ownership. Holder further
agrees to execute such agreements as may be reasonably requested by Purchaser that are consistent with the foregoing or that are necessary
to give further effect thereto.

 

(b) If
any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall be
null and void ab initio, and Purchaser shall refuse to recognize any such purported transferee of the Restricted Securities as one of
its equity holders for any purpose. In order to enforce this Section 1, Purchaser may impose stop-transfer instructions with respect
to the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period except in
compliance with the foregoing restrictions.

 

(c) During
the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially
the following form, in addition to any other applicable legends:

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF SEPTEMBER
7, 2022, BY AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”) AND THE ISSUER’S SECURITY HOLDER NAMED THEREIN,
AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN REQUEST.”

 

(d) For
the avoidance of any doubt, Holder shall retain all of its rights as a stockholder of the Purchaser during the Lock-Up Period, including
the right to vote any Restricted Securities.

 

    	2

     

    

 

2. Miscellaneous.

 

(a) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the Parties
and their respective permitted successors and assigns. This Agreement and all obligations of Holder are personal to Holder and may not
be transferred or delegated by Holder at any time. The Purchaser may freely assign any or all of its rights under this Agreement, in
whole or in part, to any successor entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining
the consent or approval of Holder.

 

(b) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any Party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not
a Party or thereto or a successor or permitted assign of such a Party.

 

(c) Governing
Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof. All Actions
arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located in New York,
New York (or in any appellate courts thereof) (the “Specified Courts”). Each Party hereby (i) submits to the
exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought by any
Party and (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the
transactions contemplated hereby may not be enforced in or by any Specified Court. Each Party agrees that a final judgment in any Action
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each Party
irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating to
the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process
to such Party at the applicable address set forth in Section 2(f). Nothing in this Section 2(c) shall affect the right
of any Party to serve legal process in any other manner permitted by applicable law.

 

(d) WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT AND
THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 2(d).

 

(e) Interpretation.
The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this
Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall include the corresponding
masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (ii)
“including” (and with correlative meaning “include”) means including without limiting the generality of any description
preceding or succeeding such term and shall be deemed in each case to be followed by the words “without limitation”; (iii)
the words “herein,” “hereto,” and “hereby” and other words of similar import in this Agreement shall
be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision of this Agreement;
and (iv) the term “or” means “and/or”. The Parties have participated jointly in the negotiation and drafting
of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of
the authorship of any provision of this Agreement.

 

    	3

     

    

 

(f) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day
after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed,
if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following
addresses (or at such other address for a Party as shall be specified by like notice):

 

	If
    to the Purchaser after the Closing, to:

     

    Pono
    Capital Corp.

    643 Ilalo Street

    Honolulu, Hawaii 96813

    Attn: Dustin Shindo

    Telephone No.: (808) 892-6611

    E-mail: dshindo@ponocorp.com
	With
    copies to (which shall not constitute notice):

     

    Nelson
    Mullins Riley & Scarborough

    101 Constitution Avenue, NW, Suite 900

    Washington, DC 20001

    Attn: Peter Strand, Esq.

    Facsimile
    No.: 202.689.2952

    Telephone
    No.: 202.689.2983

    Email:
    peter.strand@nelsonmullins.com

    and

     

    Anthony
    L.G., PLLC

    Attn:
    Laura Anthony

    625
    N. Flagler Drive, Suite 600

    West
    Palm Beach, FL 33401

    Facsimile
    No.: (561) 514-0832

    Telephone No.: (561) 514-0936

    E-mail: Lanthony@anthonypllc.com

     

	

                                                                                 

                                                                                If to Holder, to: the address set forth below Holder’s name on the signature page to this Agreement.

                                                                                 

 

(g) Amendments
and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally
or in a particular instance, and either retroactively or prospectively) only with the written consent of the Purchaser and Holder. No
failure or delay by a Party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term,
condition, or provision of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing
waiver of any such term, condition, or provision.

 

(h) Authorization
on Behalf of the Purchaser. The Parties acknowledge and agree that notwithstanding anything to the contrary contained in this Agreement,
any and all determinations, actions or other authorizations under this Agreement on behalf of the Purchaser, including enforcing the
Purchaser’s rights and remedies under this Agreement, or providing any waivers with respect to the provisions hereof, shall solely
be made, taken and authorized by the Disinterested Director Majority. In the event that the Purchaser at any time does not have any Disinterested
Directors, so long as Holder has any remaining obligations under this Agreement, the Purchaser will promptly appoint one in connection
with this Agreement. Without limiting the foregoing, in the event that Holder or Holder’s Affiliate serves as a director, officer,
employee or other authorized agent of the Purchaser or any of its current or future Affiliates, Holder and/or Holder’s Affiliate
shall have no authority, express or implied, to act or make any determination on behalf of the Purchaser or any of its current or future
Affiliates in connection with this Agreement or any dispute or Action with respect hereto.

 

    	4

     

    

 

(i) Severability.
In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified
or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the validity,
legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination that any term or
other provision is invalid, illegal or incapable of being enforced, the Parties will substitute for any invalid, illegal or unenforceable
provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent and purpose
of such invalid, illegal or unenforceable provision.

 

(j) Specific
Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event of
a breach of this Agreement by Holder, money damages will be inadequate and Purchaser will have no adequate remedy at law, and agrees
that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance
with their specific terms or were otherwise breached. Accordingly, the Purchaser shall be entitled to an injunction or restraining order
to prevent breaches of this Agreement by Holder and to enforce specifically the terms and provisions hereof, without the requirement
to post any bond or other security or to prove that money damages would be inadequate, this being in addition to any other right or remedy
to which the Purchaser may be entitled under this Agreement, at law or in equity.

 

(k) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the Parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the Parties is expressly
canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the Parties
under the Merger Agreement or any Ancillary Document or under the Insider Letter. Notwithstanding the foregoing, nothing in this Agreement
shall limit any of the rights or remedies of the Purchaser or any of the obligations of Holder under any other agreement between Holder
and the Purchaser or any certificate or instrument executed by Holder in favor of the Purchaser, and nothing in any other agreement,
certificate or instrument shall limit any of the rights or remedies of the Purchaser or any of the obligations of Holder under this Agreement.

 

(l) Further
Assurances. From time to time, at another Party’s request and without further consideration (but at the requesting Party’s
reasonable cost and expense), each Party shall execute and deliver such additional documents and take all such further action as may
be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m) Counterparts;
Facsimile. This Agreement may also be executed and delivered by facsimile signature or by email in portable document format in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

(n) Effectiveness.
This Agreement shall be binding upon the Holder upon the Holder’s execution and delivery of this Agreement, but this Agreement
shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement is validly terminated in
accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate and become null
and void, and the Parties shall have no obligations hereunder.

 

[Remainder
of Page Intentionally Left Blank; Signature Pages Follow]

 

    	5

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

 

	 	Purchaser:
	 	 	 
	 	PONO CAPITAL CORP.
	 	 	 
	 	By:	 
	 	Name: 	Dustin
    Shindo
	 	Title:	Chief
    Executive Officer

 

{Additional
Signature on the Following Page}

 

{Signature Page to Lock-Up Agreement}

 

    	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Lock-Up Agreement as of the date first written above.

 

 

	Holder:	 	 
	 	 	 
	Name
    of Holder: [●]	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

Number
of Shares Company Stock:

 

Company
Stock:_______________________________

 

____________________________________________

 

Address
for Notice:

[●]

 

{Signature
Page to Lock-Up Agreement}Exhibit 10.2

 

FORM
OF 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as of September
7, 2022, by the individual set forth on the signature page hereto (the “Subject Party”) in favor of and for
the benefit of Pono Capital Corp., a Delaware corporation, which will be known after the consummation of the transactions contemplated
by the Merger Agreement (as defined below) as “Aerwins Technologies, Inc.” (including any successor entity thereto, the “Purchaser”),
AERWINS Technologies Inc. (the “Company”), and each of the Purchaser’s and/or the Company’s
respective Affiliates, successors and direct and indirect Subsidiaries (collectively with the Purchaser and the Company, the “Covered
Parties”). Any capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the
Merger Agreement. Purchaser, the Company and Subject Party may be referred to herein individually as a “Party”
and collectively as the “Parties”.

 

WHEREAS,
on September 7, 2022, (i) the Purchaser, (ii) Pono Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser
(“Merger Sub”), (iii) Mehana Equity LLC, a Delaware limited liability company, (iv) Shuhei Komatsu, in the
capacity as representative for the Company Stockholders, and (v) the Company entered into that certain Agreement and Plan of Merger (the
“Merger Agreement”), pursuant to which, subject to the terms and conditions thereof, the Merger Sub will merge
with and into the Company, with the Company continuing as the surviving entity (the “Merger”), and with the
Company’s stockholders receiving shares of the Purchaser’s common stock;

 

WHEREAS,
the Company, is engaged in the business of inventing, developing and manufacturing drones and other technology in the air infrastructure
and air mobility space (the “Business”);

 

WHEREAS,
in connection with, and as a condition to the execution and delivery of the Merger Agreement and the consummation of the Merger and the
other transactions contemplated thereby (the “Transactions”), and to enable the Purchaser to secure more fully
the benefits of the Transactions, including the protection and maintenance of the goodwill and confidential information of the Company,
the Purchaser has required that the Subject Party enter into this Agreement;

 

WHEREAS,
the Subject Party is entering into this Agreement in order to induce the Purchaser and Merger Sub to consummate the Transactions, pursuant
to which the Subject Party will directly or indirectly receive a material benefit; and

 

WHEREAS,
the Subject Party, as a former executive of the Company, has contributed to the value of the Company and has obtained extensive and valuable
knowledge and confidential information concerning the business of the Company.

 

NOW,
THEREFORE, in order to induce the Purchaser to consummate the Transactions, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the Subject Party hereby agrees as follows:

 

1. Restriction
on Competition.

 

(a) Restriction.
The Subject Party hereby agrees that during the period from the Closing until the two (2) year anniversary of the Closing Date (the “Termination
Date,” and such period from the Closing until the Termination Date, the “Restricted Period”),
the Subject Party will not, and will cause its Affiliates not to, without the prior written consent of Purchaser (which may be withheld
in its sole discretion), anywhere in the United States, Japan, the European Union or in any other markets in which the Covered Parties
are engaged, or are actively contemplating to become engaged, in the Business as of the Closing Date or during the Restricted Period
(the “Territory”), directly or indirectly engage in the Business (other than through a Covered Party) or own,
manage, finance or control, or participate in the ownership, management, financing or control of, or become engaged or serve as an officer,
director, member, partner, employee, agent, consultant, advisor or representative of, a business or entity (other than a Covered Party)
that engages in the Business (a “Competitor”).

 

    	 

     

    

 

(b) Acknowledgment.
The Subject Party acknowledges and agrees, that (i) the Subject Party possesses knowledge of confidential information of the Company
and the Business, (ii) the Subject Party’s execution of this Agreement is a material inducement to Purchaser to consummate the
Transactions and to realize the goodwill of the Company, for which the Subject Party and/or its Affiliates will receive a substantial
direct or indirect financial benefit, and that the Purchaser would not have entered into the Merger Agreement or consummated the Transactions
but for the Subject Party’s agreements set forth in this Agreement, (iii) it would impair the goodwill of the Company and reduce
the value of the assets of the Company and cause serious and irreparable injury if the Subject Party were to use its ability and knowledge
by engaging in the Business in competition with a Covered Party, and/or to otherwise breach the obligations contained herein and that
the Covered Parties would not have an adequate remedy at law because of the unique nature of the Business, (iv) the Subject Party and
its Affiliates have no intention of engaging in the Business (other than through the Covered Parties) during the Restricted Period, (v)
the relevant public policy aspects of restrictive covenants, covenants not to compete and non-solicitation provisions have been discussed,
and every effort has been made to limit the restrictions placed upon the Subject Party to those that are reasonable and necessary to
protect the Covered Parties’ legitimate interests, (vi) the Covered Parties conduct and intend to conduct the Business everywhere
in the Territory and compete with other businesses that are or could be located in any part of the Territory, (vii) the foregoing restrictions
on competition are fair and reasonable in type of prohibited activity, geographic area covered, scope and duration, (viii) the consideration
provided to the Subject Party under this Agreement and the Merger Agreement is not illusory, and (ix) such provisions do not impose a
greater restraint than is necessary to protect the goodwill or other business interests of the Covered Parties.

 

2. No
Solicitation; No Disparagement.

 

(a) No
Solicitation of Employees and Consultants. The Subject Party agrees that, during the Restricted Period, the Subject Party will not,
and will not permit its Affiliates to, without the prior written consent of the Purchaser (which may be withheld in its sole discretion),
either on its own behalf or on behalf of any other Person (other than, if applicable, a Covered Party in the performance of the Subject
Party’s duties on behalf of the Covered Parties), directly or indirectly: (i) hire or engage as an employee, independent contractor,
consultant or otherwise any Covered Personnel (as defined below); (ii) solicit, induce, encourage or otherwise knowingly cause (or attempt
to do any of the foregoing) any Covered Personnel to leave the service (whether as an employee, consultant or independent contractor)
of any Covered Party; or (iii) in any way interfere with or attempt to interfere with the relationship between any Covered Personnel
and any Covered Party; provided, however, the Subject Party and its Affiliates will not be deemed to have violated this
Section 2(a) if any Covered Personnel voluntarily and independently solicits an offer of employment from the Subject Party or
its Affiliate (or other Person whom any of them is acting on behalf of) by responding to a general advertisement or solicitation program
conducted by or on behalf of the Subject Party or its Affiliate (or such other Person whom any of them is acting on behalf of) that is
not targeted at such Covered Personnel or Covered Personnel generally, so long as such Covered Personnel is not hired. For purposes of
this Agreement, “Covered Personnel” shall mean any Person who is or was an employee, consultant or independent
contractor of the Covered Parties, as of the Closing Date, at any time during the Restricted Period and as of the relevant time of determination.

 

    	2

     

    

 

(b) Non-Solicitation
of Customers and Suppliers. The Subject Party agrees that, during the Restricted Period, the Subject Party and its Affiliates will
not, without the prior written consent of the Purchaser (which may be withheld in its sole discretion), individually or on behalf of
any other Person (other than, if applicable, a Covered Party in the performance of the Subject Party’s duties on behalf of the
Covered Parties), directly or indirectly: (i) solicit, induce, encourage or otherwise knowingly cause (or attempt to do any of the foregoing)
any Covered Customer (as defined below) to (A) cease being, or not become, a client or customer of any Covered Party with respect to
the Business or (B) reduce the amount of business of such Covered Customer with any Covered Party, or otherwise alter such business relationship
in a manner adverse to any Covered Party, in either case, with respect to or relating to the Business; (ii) knowingly interfere with
or disrupt (or attempt to interfere with or disrupt) the contractual relationship between any Covered Party and any Covered Customer;
(iii) divert any business with any Covered Customer relating to the Business from a Covered Party; (iv) solicit for business, provide
services to, engage in or do business with, any Covered Customer for products or services that are part of the Business; or (v) interfere
with or disrupt (or attempt to interfere with or disrupt), any Person that was a vendor, supplier, distributor, agent or other service
provider of a Covered Party at the time of such interference or disruption, for a purpose competitive with a Covered Party as it relates
to the Business. For purposes of this Agreement, a “Covered Customer” shall mean any Person who is or was an
actual customer or client (or prospective customer or client with whom a Covered Party actively marketed or made or taken specific action
to make a proposal) of a Covered Party, as of the Closing Date, at any time during the Restricted Period and as of the relevant time
of determination.

 

(c) Non-Disparagement.
The Subject Party agrees that from and after the Closing until the Second (2nd) anniversary of the end of the Restricted Period,
the Subject Party and its Affiliates will not, directly or indirectly engage in any conduct that involves the making or publishing (including
through electronic mail distribution or online social media) of any written or oral statements or remarks (including the repetition or
distribution of derogatory rumors, allegations, negative reports or comments) that are disparaging, deleterious or damaging to the integrity,
reputation or good will of one or more Covered Parties or their respective management, officers, employees, independent contractors or
consultants. Notwithstanding the foregoing, subject to Section 3 below, the provisions of this Section 2(c) shall not restrict
the Subject Party from providing truthful testimony or information in response to a subpoena or investigation by a Governmental Authority
or in connection with any legal action by the Subject Party against any Covered Party under this Agreement, the Merger Agreement or any
other Ancillary Document that is asserted by the Subject Party in good faith.

 

3. Confidentiality.
From and after the Closing Date, the Subject Party will, and will cause its Representatives to, keep confidential and not (except,
if applicable, in the performance of the Subject Party’s duties on behalf of the Covered Parties) directly or indirectly use, disclose,
reveal, publish, transfer or provide access to, any and all Covered Party Information without the prior written consent of the Purchaser
(which may be withheld in its sole discretion). As used in this Agreement, “Covered Party Information” means
all material and information relating to the business, affairs and assets of any Covered Party, including material and information that
concerns or relates to such Covered Party’s bidding and proposal, technical, computer hardware or software, administrative, management,
operational, data processing, financial, marketing, sales, human resources, business development, planning and/or other business activities,
regardless of whether such material and information is maintained in physical, electronic, or other form, that is: (A) gathered, compiled,
generated, produced or maintained by such Covered Party through its Representatives, or provided to such Covered Party by its suppliers,
service providers or customers; and (B) intended and maintained by such Covered Party or its Representatives, suppliers, service providers
or customers to be kept in confidence. The obligations set forth in this Section 3 will not apply to any Covered Party Information
where the Subject Party can prove that such material or information: (i) is known or available through other lawful sources not bound
by a confidentiality agreement with, or other confidentiality obligation to, any Covered Party; (ii) is or becomes publicly known through
no violation of this Agreement or other non-disclosure obligation of the Subject Party or any of its Representatives; (iii) is already
in the possession of the Subject Party at the time of disclosure through lawful sources not bound by a confidentiality agreement or other
confidentiality obligation as evidenced by the Subject Party’s documents and records; or (iv) is required to be disclosed pursuant
to an order of any administrative body or court of competent jurisdiction (provided that (A) the applicable Covered Party is given reasonable
prior written notice, (B) the Subject Party cooperates (and causes its Representatives to cooperate) with any reasonable request of any
Covered Party to seek to prevent or narrow such disclosure and (C) if after compliance with clauses (A) and (B) such disclosure is still
required, the Subject Party and its Representatives only disclose such portion of the Covered Party Information that is expressly required
by such order, as it may be subsequently narrowed).

 

    	3

     

    

 

4. Representations
and Warranties. The Subject Party hereby represents and warrants, to and for the benefit of the Covered Parties as of the date of
this Agreement and as of the Closing Date, that: (a) the Subject Party has full power and capacity to execute and deliver, and to perform
all of the Subject Party’s obligations under, this Agreement; and (b) neither the execution and delivery of this Agreement nor
the performance of the Subject Party’s obligations hereunder will result directly or indirectly in a violation or breach of any
agreement or obligation by which the Subject Party is a party or otherwise bound. By entering into this Agreement, the Subject Party
certifies and acknowledges that the Subject Party has carefully read all of the provisions of this Agreement, and that the Subject Party
voluntarily and knowingly enters into this Agreement.

 

5. Remedies.
The covenants and undertakings of the Subject Party contained in this Agreement relate to matters which are of a special, unique
and extraordinary character and a violation of any of the terms of this Agreement may cause irreparable injury to the Covered Parties,
the amount of which may be impossible to estimate or determine and which cannot be adequately compensated. The Subject Party agrees that,
in the event of any breach or threatened breach by the Subject Party of any covenant or obligation contained in this Agreement, each
applicable Covered Party will be entitled to seek the following remedies (in addition to, and not in lieu of, any other remedy at law
or in equity or pursuant to the Merger Agreement or the other Ancillary Documents that may be available to the Covered Parties, including
monetary damages), and a court of competent jurisdiction may award: (i) an injunction, restraining order or other equitable relief restraining
or preventing such breach or threatened breach, without the necessity of proving actual damages or posting bond or security, which the
Subject Party expressly waives; and (ii) recovery of the Covered Party’s attorneys’ fees and costs incurred in enforcing
the Covered Party’s rights under this Agreement. The Subject Party hereby consents to the award of any of the above remedies to
the applicable Covered Party in connection with any such breach or threatened breach. The Subject Party hereby acknowledges and agrees
that in the event of any breach of this Agreement, any value attributed or allocated to this Agreement (or any other non-competition
agreement with the Subject Party) under or in connection with the Merger Agreement shall not be considered a measure of, or a limit on,
the damages of the Covered Parties.

 

6. Survival
of Obligations. The expiration of the Restricted Period will not relieve the Subject Party of any obligation or liability arising
from any breach by the Subject Party of this Agreement during the Restricted Period. The Subject Party further agrees that the time period
during which the covenants contained in Section 1 and Section 2 of this Agreement will be effective will be computed by
excluding from such computation any time during which the Subject Party is in violation of any provision of such Sections.

 

    	4

     

    

 

7. Miscellaneous.

 

(a) Notices.
All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given when
delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii) one Business Day
after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days after being mailed,
if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable Party at the following
addresses (or at such other address for a Party as shall be specified by like notice):

 

	If
    to Purchaser (or any other Covered Party), to:

     

    Pono
    Capital Corp.

    643 Ilalo Street

    Honolulu, Hawaii 96813

    Attn: Dustin Shindo

    Telephone No.: (808) 892-6611

    E-mail: dshindo@ponocorp.com
	with
    a copy (that will not constitute notice) to:

     

    Nelson
    Mullins Riley & Scarborough

    101 Constitution Avenue, NW, Suite 900

    Washington, DC 20001

    Attn: Peter Strand, Esq.

    Facsimile
    No.: 202.689.2952

    Telephone
    No.: 202.689.2983

    Email:
    peter.strand@nelsonmullins.com

     

    and

     

    Anthony
    L.G., PLLC

    Attn:
    Laura Anthony

    625
    N. Flagler Drive, Suite 600

    West
    Palm Beach, FL 33401

    Facsimile
    No.: (561) 514-0832

    Telephone No.: (561) 514-0936

    E-mail: Lanthony@anthonypllc.com

     

	If
    to the Subject Party, to:

    the address below the Subject Party’s name on the signature page to this Agreement.

 

(b) Integration
and Non-Exclusivity. This Agreement, the Merger Agreement and the other Ancillary Documents contain the entire agreement between
the Subject Party and the Covered Parties concerning the subject matter hereof. Notwithstanding the foregoing, the rights and remedies
of the Covered Parties under this Agreement are not exclusive of or limited by any other rights or remedies which they may have, whether
at law, in equity, by contract or otherwise, all of which will be cumulative (and not alternative). Without limiting the generality of
the foregoing, the rights and remedies of the Covered Parties, and the obligations and liabilities of the Subject Party and its Affiliates,
under this Agreement, are in addition to their respective rights, remedies, obligations and liabilities (i) under the laws of unfair
competition, misappropriation of trade secrets, or other requirements of statutory or common law, or any applicable rules and regulations
and (ii) otherwise conferred by contract, including the Merger Agreement and any other written agreement between the Subject Party or
its Affiliate and any of the Covered Parties. Nothing in the Merger Agreement will limit any of the obligations, liabilities, rights
or remedies of the Subject Party or the Covered Parties under this Agreement, nor will any breach of the Merger Agreement or any other
agreement between the Subject Party or its Affiliate and any of the Covered Parties limit or otherwise affect any right or remedy of
the Covered Parties under this Agreement. If any term or condition of any other agreement between the Subject Party or its Affiliate
and any of the Covered Parties conflicts or is inconsistent with the terms and conditions of this Agreement, the more restrictive terms
will control as to the Subject Party or its Affiliate, as applicable.

 

    	5

     

    

 

(c) Severability;
Reformation. Each provision of this Agreement is separable from every other provision of this Agreement. If any provision of this
Agreement is found or held to be invalid, illegal or unenforceable, in whole or in part, by a court of competent jurisdiction, then (i)
such provision will be deemed amended to conform to applicable laws so as to be valid, legal and enforceable to the fullest possible
extent, (ii) the invalidity, illegality or unenforceability of such provision will not affect the validity, legality or enforceability
of such provision under any other circumstances or in any other jurisdiction, and (iii) the invalidity, illegality or unenforceability
of such provision will not affect the validity, legality or enforceability of the remainder of such provision or the validity, legality
or enforceability of any other provision of this Agreement. The Subject Party and the Covered Parties will substitute for any invalid,
illegal or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable,
the intent and purpose of such invalid, illegal or unenforceable provision. Without limiting the foregoing, if any court of competent
jurisdiction determines that any part hereof is unenforceable because of the duration, geographic area covered, scope of such provision,
or otherwise, such court will have the power to reduce the duration, geographic area covered or scope of such provision, as the case
may be, and, in its reduced form, such provision will then be enforceable. The Subject Party will, at a Covered Party’s request,
join such Covered Party in requesting that such court take such action.

 

(d) Amendment;
Waiver. This Agreement may not be amended or modified in any respect, except by a written agreement executed by the Subject Party,
the Purchaser and Disinterested Director Majority (or their respective permitted successors or assigns). No waiver will be effective
unless it is expressly set forth in a written instrument executed by the waiving Party (and if such waiving Party is a Covered Party,
the Disinterested Director Majority) and any such waiver will have no effect except in the specific instance in which it is given. Any
delay or omission by a Party in exercising its rights under this Agreement, or failure to insist upon strict compliance with any term,
covenant, or condition of this Agreement will not be deemed a waiver of such term, covenant, condition or right, nor will any waiver
or relinquishment of any right or power under this Agreement at any time or times be deemed a waiver or relinquishment of such right
or power at any other time or times.

 

(e) Dispute
Resolution. Any dispute, difference, controversy or claim arising in connection with or related or incidental to, or question occurring
under, this Agreement or the subject matter hereof (other than applications for a temporary restraining order, preliminary injunction,
permanent injunction or other equitable relief or application for enforcement of a resolution under this Section 7(e)) (a “Dispute”)
shall be governed by this Section 7(e). A Party must, in the first instance, provide written notice of any Disputes to the other
Parties subject to such Dispute, which notice must provide a reasonably detailed description of the matters subject to the Dispute. Any
Dispute that is not resolved may at any time after the delivery of such notice immediately be referred to and finally resolved by arbitration
pursuant to the then-existing Expedited Procedures of the Commercial Arbitration Rules (the “AAA Procedures”)
of the American Arbitration Association (the “AAA”). Any Party involved in such Dispute may submit the Dispute
to the AAA to commence the proceedings after the Resolution Period. To the extent that the AAA Procedures and this Agreement are in conflict,
the terms of this Agreement shall control. The arbitration shall be conducted by one arbitrator nominated by the AAA promptly (but in
any event within five (5) Business Days) after the submission of the Dispute to the AAA and reasonably acceptable to each Party subject
to the Dispute, which arbitrator shall be a commercial lawyer with substantial experience arbitrating disputes under acquisition agreements.
The arbitrator shall accept his or her appointment and begin the arbitration process promptly (but in any event within five (5) Business
Days) after his or her nomination and acceptance by the Parties subject to the Dispute. The proceedings shall be streamlined and efficient.
The arbitrator shall decide the Dispute in accordance with the substantive law of the State of Delaware. Time is of the essence. Each
Party shall submit a proposal for resolution of the Dispute to the arbitrator within twenty (20) days after confirmation of the appointment
of the arbitrator. The arbitrator shall have the power to order any Party to do, or to refrain from doing, anything consistent with this
Agreement, the Ancillary Documents and applicable Law, including to perform its contractual obligation(s); provided, that the
arbitrator shall be limited to ordering pursuant to the foregoing power (and, for the avoidance of doubt, shall order) the relevant Party
(or Parties, as applicable) to comply with only one or the other of the proposals. The arbitrator’s award shall be in writing and
shall include a reasonable explanation of the arbitrator’s reason(s) for selecting one or the other proposal. The seat of arbitration
shall be in Delaware. The language of the arbitration shall be English.

 

    	6

     

    

 

(f)
Governing Law; Jurisdiction. This Agreement shall be governed by, construed and enforced in accordance with the Laws of the State
of Delaware without regard to the conflict of laws principles thereof. Subject to Section 7(e), all Actions arising out of or
relating to this Agreement shall be heard and determined exclusively in any state or federal court located in Delaware (or in any appellate
courts thereof) (the “Specified Courts”). Subject to Section 7(e), each Party hereby (a) submits to
the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought
by any Party, (b) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action, any claim
that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or
the transactions contemplated hereby may not be enforced in or by any Specified Court and (c) waives any bond, surety or other security
that might be required of any other Party with respect thereto. Each Party agrees that a final judgment in any Action shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law or in equity. Each Party irrevocably
consents to the service of the summons and complaint and any other process in any other action or proceeding relating to the transactions
contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process to such Party at
the applicable address set forth in Section 7(a). Nothing in this Section 7(f) shall affect the right of any Party to serve
legal process in any other manner permitted by Law.

 

(g) WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE
OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN
THIS SECTION 7(g). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 7(g) WITH ANY COURT AS WRITTEN
EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

(h) Successors
and Assigns; Third Party Beneficiaries. This Agreement will be binding upon the Subject Party and the Subject Party’s estate,
successors and assigns, and will inure to the benefit of the Covered Parties, and their respective successors and assigns. No Covered
Party may assign any or all of its rights under this Agreement, at any time, in whole or in part, to any Person without first obtaining
the consent or approval of the Subject Party (which consent shall not be unreasonably withheld, conditioned or delayed). The Subject
Party agrees that the obligations of the Subject Party under this Agreement are personal and will not be assigned by the Subject Party.
Each of the Covered Parties are express third party beneficiaries of this Agreement and will be considered parties under and for purposes
of this Agreement.

 

(i) Disinterested
Director Majority Authorized to Act on Behalf of Covered Parties. The Parties acknowledge and agree that the Disinterested Director
Majority is authorized and shall have the sole right to act on behalf of Purchaser and the other Covered Parties under this Agreement,
including the right to enforce the Purchaser’s rights and remedies under this Agreement. Without limiting the foregoing, in the
event that the Subject Party serves as a director, officer, employee or other authorized agent of a Covered Party, the Subject Party
shall have no authority, express or implied, to act or make any determination on behalf of a Covered Party in connection with this Agreement
or any dispute or Action with respect hereto.

 

    	7

     

    

 

(j) Construction.
The Subject Party acknowledges that the Subject Party has been represented by counsel, or had the opportunity to be represented by counsel
of the Subject Party’s choice. Any rule of construction to the effect that ambiguities are to be resolved against the drafting
Party will not be applied in the construction or interpretation of this Agreement. Neither the drafting history nor the negotiating history
of this Agreement will be used or referred to in connection with the construction or interpretation of this Agreement. The headings and
subheadings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. In this Agreement: (i) the words “include,” “includes” and “including” when used
herein shall be deemed in each case to be followed by the words “without limitation”; (ii) the definitions contained herein
are applicable to the singular as well as the plural forms of such terms; (iii) whenever required by the context, any pronoun shall include
the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and
vice versa; (iv) the words “herein,” “hereto,” and “hereby” and other words of similar import shall
be deemed in each case to refer to this Agreement as a whole and not to any particular Section or other subdivision of this Agreement;
(v) the word “if” and other words of similar import when used herein shall be deemed in each case to be followed by the phrase
“and only if”; (vi) the term “or” means “and/or”; and (vii) any agreement or instrument defined or
referred to herein or in any agreement or instrument that is referred to herein means such agreement or instrument as from time to time
amended, modified or supplemented, including by waiver or consent and references to all attachments thereto and instruments incorporated
therein.

 

(k) Counterparts.
This Agreement may be executed in one or more counterparts, and by the different Parties in separate counterparts, each of which when
executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. A photocopy,
faxed, scanned and/or emailed copy of this Agreement or any signature page to this Agreement, shall have the same validity and enforceability
as an originally signed copy.

 

(l) Effectiveness.
This Agreement shall be binding upon the Subject Party upon the Subject Party’s execution and delivery of this Agreement, but this
Agreement shall only become effective upon the consummation of the Transactions. In the event that the Merger Agreement is validly terminated
in accordance with its terms prior to the consummation of the Transactions, this Agreement shall automatically terminate and become null
and void, and the Parties shall have no obligations hereunder.

 

[Remainder
of Page Intentionally Left Blank; Signature Page Follows]

 

    	8

     

    

 

IN
WITNESS WHEREOF, the undersigned has duly executed and delivered this Agreement as of the date first written above.

 

	 	Subject Party:
	 	 	 
	 	[        ]
	 	 	 
	 	By:	 
	 	Name:
    	 
	 	Title:	 

 

	 	Address for Notice:
	 	 	 
	 	 
	 	 
	 	 
	 	Attn:	 
	 	Telephone
    No.:	 
	 	E-mail:
    	 

 

{Signature
Page to Non-Competition Agreement}

 

    	 

     

    

 

Acknowledged
and accepted as of the date first written above:

 

	The
    Purchaser:	 
	 	 	 
	PONO
    CAPITAL CORP.	 
	 	 
	By:
    	 	 
	Name:
    	Dustin
    Shindo	 
	Title:
    	Chief
    Executive Officer	 
	 	 	 
	The
    Company:	 
	 	 	 
	AERWINS
    TECHNOLGIES INC.	 
	 	 
	By:
    	 	 
	Name:
    	Shuhei
    Komatsu	 
	Title:
    	Chief
    Executive Officer	 

 

{Signature
Page to Non-Competition Agreement}

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]