Document:

Exhibit
10.7

 

AMENDMENT
TO

AMENDED
AND RESTATED

SECURITIES
SUBSCRIPTION AGREEMENT

 

This
AMENDMENT to the AMENDED AND RESTATED SECURITIES SUBSCRIPTION AGREEMENT (this “Amendment”) is entered into as of July
21, 2022 (the “Effective Date”), by and between Mehana Capital LLC, a Delaware limited liability company (the “Subscriber”
or “you”), and Pono Capital Two, Inc., a Delaware corporation (the “Company,” “we” or “us”).

 

WHEREAS,
the Parties entered into a Securities Subscription Agreement dated April 13, 2022 (the “Original Agreement”).

 

WHEREAS,
the Parties entered into an Amended and Restated Securities Subscription Agreement dated May 17, 2022 (the “Amended and Restated
Agreement”).

 

WHEREAS,
the Parties hereto desire to amend the Amended and Restated Agreement and intend to modify Section 4. Waiver of Liquidation Distributions;
Redemption Rights.

 

NOW,
THEREFORE, in consideration of the promises and mutual covenants and conditions contained in this Agreement and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the Parties agree to amend the Amended and Restated
Agreement as follows:

 

		1.	Section
                                            4 of the Amended and Restated Agreement is amended by deleting the existing Section 4 and
                                            replacing it in its entirety by the following:

 

Waiver
of Liquidation Distributions; Redemption Rights.

 

4.1
In connection with the Shares purchased pursuant to this Agreement, the Subscriber hereby waives any and all right, title, interest
or claim of any kind in or to any distributions by the Company from the trust account which will be established for the benefit of
the Company’s public stockholders and into which substantially all of the proceeds of the IPO will be deposited (the
“Trust Account”), in the event of a liquidation of the Company upon the Company’s failure to timely complete an
initial business combination as defined in the Company’s Certificate of Incorporation. For purposes of clarity, in the event
the Subscriber purchases shares of Class A common stock in the IPO or in the aftermarket (the “Additional Shares”), any
additional Shares of Class A common stock so purchased shall be eligible to receive any liquidating distributions by the Company.
However, in no event will the Subscriber have the right to redeem any shares of common stock, both Shares and Additional Shares,
into funds held in the Trust Account upon the successful completion of an initial business combination.

 

4.2
In connection with the Shares purchased pursuant to this Agreement and the Additional Shares, the
Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions by the Company from the Trust
Account in connection with the approval by the Company’s shareholders of an amendment to the Company’s Certificate of Incorporation:
(i) that modifies the substance or timing of the Company’s obligation to provide for the redemption of the Company’s Series
A Common shares public shares in connection with an initial business combination or to redeem 100% of our public shares if the Company
does not complete its initial business combination within 9 months from the date of the IPO (or up to 18 months from the date
of the IPO at the election of the Company pursuant to nine one month extensions subject to satisfaction of certain conditions, including
the deposit of up to $300,000 per month or $345,000 per month if the underwriters’ over-allotment option is exercised in full ($0.03
per unit in either case) ; or (ii) with respect to any other material provision relating to stockholders’ rights or pre-initial
business combination activity.

 

2.
Scope of Amendment. This Amendment is limited to the matters expressly set forth in Section 1 hereof and, except to the
extent expressly set forth in Section 1 hereof, all of the provisions of the Amended and Restated Agreement shall continue in full
force and effect,

 

    	 	 

    	 	 

    

 

3.
Governing Law. This Amendment and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto
shall be governed, construed and interpreted in accordance with the internal Laws of the State of Delaware, without giving effect to
principles of conflicts of law.

 

4. Counterparts’
Facsimile Transmission. This Amendment may be executed in two or more counterparts, all of which when taken together shall be
considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to
the other party; and it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose
behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original
thereof.

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this Agreement and return it to
us.

 

	 	Pono
    Capital Two, Inc.
	 	 	 
	 	By:	/s/
    Darryl Nakamoto
	 	Name:	Darryl
    Nakamoto
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Mehana
    Capital LLC
	 	 	 
	 	By:	/s/
    Dustin Shindo
	 	Name:	Dustin
    Shindo
	 	Title:	Managing
    MemberExhibit
10.8

 

[  ], 2022

 

Pono
Capital Two, Inc.

643
Ilalo St. #102

Honolulu,
Hawaii 96813 

 

Re:
Initial Public Offering

 

Ladies
and Gentlemen:

 

This
letter (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the
“Underwriting Agreement”) to be entered into by and between Pono Capital Two, Inc., a Delaware corporation
(the “Company”) and EF Hutton, division of Benchmark Investments, LLC, as representative of the underwriters
(each, an “Underwriter” and collectively, the “Underwriters”), relating to an underwritten
initial public offering (the “Public Offering”), of up to 10,000,000 of the Company’s units (including
up to 1,500,000 units that may be purchased to cover over-allotments, if any) (the “Units”), each comprised
of one share of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”),
and one redeemable warrant. Each redeemable warrant (each, a “Warrant”) entitles the holder thereof to purchase
one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public Offering pursuant
to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S.
Securities and Exchange Commission (the “Commission”) and the Units have been approved to be listed on the
Nasdaq Global Market. Certain capitalized terms used herein are defined in paragraph 13 hereof.

 

In
order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mehana Capital LLC (the “Sponsor”)
and each of the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each,
an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as
follows:

 

 1. It is acknowledged
and agreed that the Company shall not enter into a definitive agreement regarding a proposed Business Combination without the prior written
consent of the Sponsor. 

 

 2 .
The Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it, he or she shall (i) vote any shares of Capital Stock owned by it, him or her in favor of
any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder
approval. If the Company engages in a tender offer in connection with any proposed Business Combination, each Insider agrees that it,
he or she will not seek to sell its, his or her shares of Common Stock to the Company in connection with such tender offer.

 

    	 

     

    

 

 3 .
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 9 months
from the closing of the Public Offering (or up to 18 months from the closing of the Public Offering if the Company extends the period
of time to consummate a Business Combination, as described in more detail in the Prospectus) or such later period approved by the Company’s
stockholders in accordance with the Company’s amended and restated certificate of incorporation, the Sponsor and each Insider shall
take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common
Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust
Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided
by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’ rights
as stockholders of the Company (including the right to receive further liquidation distributions, if any), subject to applicable law,
and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders
and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Delaware
law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree not to propose any
amendment to the Company’s amended and restated certificate of incorporation that would modify (i) the substance or timing of the
Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination within 9 months
from the closing of the Public Offering (or up to 18 months from the closing of the Public Offering if the Company extends the period
of time to consummate a Business Combination, as described in more detail in the Prospectus) or (ii) the other provisions relating to
stockholders’ rights or pre-initial business combination activities, unless the Company provides its Public Stockholders with the
opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the Trust Account, including interest (which interest shall be net of amounts released for payment of taxes)
divided by the number of then outstanding Offering Shares. The Sponsor and each Insider agree to waive its redemption rights with respect
to shares of Capital Stock owned by it in connection with a stockholder vote to approve an amendment to the Company’s amended and
restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering
Shares if the Company does not complete a Business Combination within 9 months from the closing of the Public Offering (or up to 18 months
from the closing of the Public Offering if the Company extends the period of time to consummate a Business Combination, as described
in more detail in the Prospectus) or (B) with respect to any other provision relating to stockholders’ rights or pre-initial business
combination activity.

 

Each
of the Sponsor and each Insider acknowledges that it, he or she has no right, title, interest or claim of any kind in or to any monies
held in the Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
Shares held by it, him or her. The Sponsor and each Insider hereby further waives, with respect to any shares of Common Stock held by
it, him or her, if any, any redemption rights it, he or she may have in connection with the consummation of a Business Combination, including,
without limitation, any such rights available in the context of a stockholder vote to approve such Business Combination or in the context
of a tender offer made by the Company to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates
shall be entitled to redemption and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate
a Business Combination within 9 months from the date of the closing of the Public Offering (or up to 18 months from the closing of the
Public Offering if the Company extends the period of time to consummate a Business Combination, as described in more detail in the Prospectus)).

 

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 4. The undersigned
acknowledges and agrees that prior to entering into a definitive agreement for a Business Combination with a target business that is
affiliated with the undersigned or any other Insiders of the Company or their affiliates, the Company must obtain an opinion from an
independent investment banking firm that is a member of the Financial Industry Regulatory Authority or an independent accounting firm
that such Business Combination is fair to the Company from a financial point of view.

 

 5.
 During the period commencing on the effective date
of the Underwriting Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written
consent of the Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase
or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate
or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common
Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her,
(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 any Units, shares of Common Stock, Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common
Stock owned by it, him or her, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or
(iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph 5
or paragraph 9 below, the Company shall announce the impending release or waiver by press release through a major news service
at least two business days before the effective date of the release or waiver. Any release or waiver granted shall only be effective
two business days after the publication date of such press release. The provisions of this paragraph will not apply if the release or
waiver is effected solely to permit a transfer not for consideration and the transferee has agreed in writing to be bound by the same
terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer.

 

 6 .
In the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other
stockholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating,
preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become
subject as a result of any claim by (i) any third party (other than the Company’s independent accountants) for services rendered
or products sold to the Company or (ii) a prospective target business with which the Company has entered into a letter of intent, confidentiality
or other similar agreement for a Business Combination (a “Target”); provided, however, that such indemnification
of the Company by the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered
(other than the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount
of funds in the Trust Account to below (i) $10.25 per share of the Offering Shares or (ii) such lesser amount per share of the
Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the
Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay
taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access to the
Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities, including
liabilities under the Securities Act of 1933. In the event that any such executed waiver is deemed to be unenforceable against such third
party, the Sponsor shall not be responsible to the extent of any liability for such third party claims. The Sponsor shall have the right
to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if, within 15 days following written
receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

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 7 .
To the extent that the Underwriters do not exercise their over-allotment option to purchase up to an additional 1,500,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost, a number
of Founder Shares in the aggregate equal to the product of 375,000 multiplied by a fraction, (i) the numerator of which is 1,500,000
minus the number of Units purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of
which is 1,500,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by the Underwriters
so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares of Common Stock
after the Public Offering (excluding the Private Placement Units and the shares of Common Stock to be issued to the Underwriter as
compensation). 

 

 8 .
The Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be irreparably injured in
the event of a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 2, 3, 4, 5, 6, 7, 8, 9(a) ,
9(b), and 11 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching
party shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

 9.
 (a) The Sponsor and each Insider agrees that it
or he shall not Transfer any Founder Shares (or shares of Common Stock issuable upon conversion thereof) until the earlier of (A) six
months after the date of the Company’s initial Business Combination or (B) subsequent to the Company’s initial Business Combination,
(x) if the reported last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
right issuances, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Company’s initial Business Combination, or (y) the date on which the Company completes a liquidation,
merger, capital stock exchange, reorganization or other similar transaction that results in all of our stockholders having the right
to exchange their shares of common stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

(b) The
Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Units, the Private Placement Shares, the
Private Placement Warrants or shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants, until 30
days after the completion of the initial Business Combination (the “Private Placement Units Lock-up Period”,
together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

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(c)
Notwithstanding the provisions set forth in paragraphs 5, 9(a) and 9(b) , Transfers of the Founder Shares, Private Placement
Units, Private Placement Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion
of the Private Placement Warrants or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees
(that have complied with this paragraph 9(c)) , are permitted (i) to the Company’s officers or directors, any affiliate or
family member of any of the Company’s officers or directors or any members of the Sponsor or any affiliates of the Sponsor; (b)
in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which
is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the
case of an individual, by virtue of laws of descent and distribution upon death of such individual; (d) in the case of an individual,
pursuant to a qualified domestic relations order; (e) by private sales or transfers made in connection with the consummation of an initial
Business Combination at prices no greater than the price at which the securities were originally purchased; (f) in the event of the Company’s
liquidation prior to the completion of an initial Business Combination; (g) by virtue of the laws of the State of Delaware or the Sponsor’s
limited liability company agreement upon dissolution of the Sponsor; or (h) in the event of the Company’s liquidation, merger,
capital stock exchange, reorganization or other similar transaction which results in all of the Company’s stockholders having the
right to exchange their shares of Common Stock for cash, securities or other property subsequent to the Company’s completion of
an initial Business Combination; provided, however, that in the case of clauses (a) through (e) or (g), these permitted transferees must
enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained
in this Agreement (including provisions relating to voting, the Trust Account and liquidating distributions).

 

 10.
 Each of the Sponsor and the Insiders represents
and warrants that it, he or she has never been suspended or expelled from membership in any securities or commodities exchange or association
or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information
furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does not
omit any material information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire furnished
to the Company is true and accurate in all respects. The Sponsor and each Insider represents and warrants that: it, he or she is not
subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded
guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding. The Company
represents and warrants that, to its knowledge, (i) none of its advisors has been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked, (ii)
each advisor’s biographical information furnished to the Company (including any such information included in the Prospectus) is
true and accurate in all respects and does not omit any material information with respect to such advisor’s background and each
advisor’s questionnaire furnished to the Company is true and accurate in all respects, (iii) none of its advisors is subject to
or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; and (iii) none of its advisors has been convicted of, or
pleaded guilty to, any crime (x) involving fraud, (y) relating to any financial transaction or handling of funds of another person, or
(z) pertaining to any dealings in any securities and none of its advisors is currently a defendant in any such criminal proceeding.

 

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 11.
 (a) Except as disclosed in the Prospectus and cash
or other compensation to the Company’s officers or advisors to be engaged subsequent to the consummation of the Public Offering
(which will be disclosed in the Company’s other filings with the Securities and Exchange Commission), neither the Sponsor nor any
individual who is an officer, director or advisor of the Company as of the date hereof nor any affiliate thereof shall receive from the
Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other compensation prior
to, or in connection with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination
(regardless of the type of transaction that it is), other than the following, none of which will be made from the proceeds held in the
Trust Account prior to the completion of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000
made to the Company by Mehana Capital LLC; reimbursement for any out-of-pocket expenses related to identifying, investigating and consummating
an initial Business Combination; payment to an affiliate of the Sponsor of $10,000 per month, for up to 9 months (or up to 18 months
if the Company extends the period of time to consummate a Business Combination), for office space, utilities and secretarial and administrative
support; and repayment of non-interest bearing loans, if any, and on such terms as to be determined by the Company from time to time,
made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial
Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working capital
held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the Trust Account
are used for such repayment. Up to $1,500,000 of such loans may be convertible into units, at a price of $10.00 per unit at the option
of the lender, upon consummation of the initial Business Combination. The units would be identical to the Private Placement Units. Additionally,
up to $2,700,000 (or $3,105,000 if the underwriters’ over-allotment option is exercised in full) may be loaned by
the Sponsor to fund nine one-month extensions on the period of time in which the Company has to consummate a Business Combination.
Such loans may be convertible into units at a price of $10.00 per unit, which units would be identical to the Private Placement Units.

 

 12.
 Each of the Sponsor and each Insider has full right
and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation
agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or
a director on the board of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or a director
of the Company.

 

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 13.
 As used herein, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving
the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the Common Stock and the Founder Shares;
(iii) “Founder Shares” shall mean the 2,875,000 shares of the Company’s Class B common stock, par value $0.0001 per
share, initially held by the Sponsor (up to 375,000 Shares of which are subject to complete or partial forfeiture by the Sponsor if the
over-allotment option is not exercised in full by the Underwriters); (iv) “Initial Stockholders” shall mean the Sponsor and
any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private Placement Shares” shall mean the
571,375 shares of Common Stock included within the Private Placement Units (or up to 634,375 shares of Common Stock if the over-allotment
option is exercised in full); (vi) “Private Placement Units” shall mean the 571,375 units to be purchased by the Sponsor,
or up to 634,375 units if the over-allotment option is exercised in full, each comprised of one share of Common Stock and one warrant
to purchase one share of Common Stock, that the Sponsor has agreed to purchase for an aggregate purchase price of $5,713,750 (or up to
$6,343,750 if the over-allotment option is exercised in full), or purchase price of $10.00 per Private Placement Unit, in a private placement
that shall occur simultaneously with the consummation of the Public Offering; (vii) “Private Placement Warrants” shall mean
the Warrants to purchase up to 571,375 shares of Common Stock (or up to 634,375 shares of Common Stock if the over-allotment option is
exercised in full) included within the Private Placement Units; (viii) “Public Stockholders” shall mean the holders
of securities issued in the Public Offering; (ix) “Trust Account” shall mean the trust fund into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Units shall be deposited; and (x) “Transfer” shall
mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any
security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement
of any intention to effect any transaction specified in clause (a) or (b).

 

 14.
 This Letter Agreement constitutes the entire agreement
and understanding of the parties hereto in respect of the subject matter hereof 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 changed, amended, modified or waived (other than to correct
a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

 15.
 No party hereto may assign either this Letter Agreement
or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. 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. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and
assigns and permitted transferees.

 

 16.
 Nothing in this Letter Agreement shall be construed
to confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of
this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations,
promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their
successors, heirs, personal representatives and assigns and permitted transferees.

 

 17.
 This Letter Agreement may be executed in any number
of original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

 

 18.
 This Letter Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter
Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the
parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or
unenforceable provision as may be possible and be valid and enforceable.

 

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 19.
 This Letter Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles that would result
in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim
or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City,
in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and
(ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

 20.
 Any notice, consent or request to be given in connection
with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar private
courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

 21.
 This Letter Agreement shall terminate on the earlier
of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall
earlier terminate in the event that the Public Offering is not consummated and closed by [ ]; provided further that paragraph 6
of this Letter Agreement shall survive such liquidation.

 

    	8

     

    

 

	 	Sincerely,
	 	 	 
	 	Pono
    Capital Two, Inc.
	 	 	 
	 	By:
    	 
	 	Name: 	Darryl
    Nakamoto
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	HOLDER:
	 	 	 
	 	By:
    	 
	 	Name:
    	Darryl
    Nakamoto
	 	 	 
	 	By:
    	 
	 	Name:
    	Allison
    Van Orman
	 	 	 
	 	By:
    	 
	 	Name:
    	Dustin
    Shindo
	 	 	 
	 	By:
    	 
	 	Name:
    	Kotaro
    Chiba
	 	 	 
	 	By:
    	 
	 	Name:
    	Mike
    Sayama
	 	 	 
	 	By:
    	 
	 	Name:
    	Trisha
    Nomura
	 	 	 
	 	MEHANA CAPITAL LLC, a Delaware limited liability company
	 	 	 
	 	By:
    	 
	 	Name:	Dustin
    Shindo
	 	Title:	Managing
    Member
	 	 	 
	 	EF
    Hutton, division of Benchmark Investments, LLC
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	Supervisory
    Principal

 

[Signature
Page to Letter Agreement]

 

    	9

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