Document:

CHANGE IN CONTROL SEVERANCE AGREEMENT

 

THIS CHANGE IN CONTROL SEVERANCE AGREEMENT (the “Agreement”)
is entered into on ________________, between ________________ (“Executive”) and AEye, Inc., a Delaware corporation
(the “Company”).

 

WHEREAS, this Agreement is intended to provide
Executive with the compensation and benefits described herein upon the occurrence of specific events after the date hereof.

 

NOW THEREFORE, the Company and Executive hereby
agree as follows:

 

ARTICLE I

EMPLOYMENT BY THE COMPANY

 

1.1             
Executive is currently employed as an executive of the Company.

 

1.2             
This Agreement shall remain in full force and effect during the term of Executive’s employment with the Company, unless
amended pursuant to Section 7.7.

 

1.3             
The Company and Executive wish to set forth the compensation and benefits which Executive shall be entitled to receive if Executive’s
employment with the Company terminates following a Change in Control under the circumstances described in Article II of this Agreement.

 

1.4             
The duties and obligations of the Company to Executive under this Agreement shall be in consideration for Executive’s
continued employment with the Company and Executive’s execution of the general waiver and release as provided in this Agreement.

 

ARTICLE II

SEVERANCE BENEFITS

 

2.1             
Entitlement To Severance Benefits. If Executive’s employment terminates due to an Involuntary Termination or a Voluntary
Termination for Good Reason (as hereinafter defined), in either case, immediately prior to, on, or within twenty-four (24) months following
the effective date of a Change in Control, the termination of employment will be a Covered Termination and the Company shall pay Executive
the severance benefits subject to the terms of this Agreement. If Executive’s employment terminates, but not due to an Involuntary
Termination or a Voluntary Termination for Good Reason, in either case, immediately prior to, on, or within twenty-four (24) months following
the effective date of a Change in Control, then the termination of employment will not be a Covered Termination and Executive will not
be entitled to receive any severance benefits under this Agreement. For clarity, regardless of the reason for or timing of termination
of employment, the Company shall pay Executive his or her accrued but unpaid wages through his Date of Termination and all other vested
amounts to which Executive is due as of the Date of Covered Termination under the Company’s compensation plans and programs, regardless
of whether Executive signs the general waiver and release of claims attached to this Agreement.

 

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2.2             
Lump Sum Severance Payment. If Executive experiences a Covered Termination, the Company shall pay to the Executive, as cash
severance, the sum of (i) Executive’s Annual Bonus, pro-rated for the year of termination, based on service through the Date of
Covered Termination and (ii) 150% of the sum of the Executive’s Annual Base Pay and Annual Bonus (the “Cash Severance”).
The Company will pay the Cash Severance on the 60th day following the Date of Covered Termination (the “First Payment Date”),
unless extension of the payment date is required under Section 7.1 of this Agreement.

 

2.3             
COBRA Benefits. If Executive experiences a Covered Termination, and provided Executive (and, if applicable, Executive’s
covered dependents) elects to continue Executive’s group health insurance coverage (as in effect immediately prior to the Covered
Termination) under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company will
pay the applicable premiums for such coverage (less the portion of the monthly payment Executive was responsible for paying immediately
prior to his termination, if any) directly to the applicable benefit plan administrator for the period running from the Date of Covered
Termination until the earliest to occur of (i) the date Executive (and, if applicable, Executive’s covered dependents) ceases to
be eligible for COBRA, (ii) the date Executive obtains comparable coverage from a subsequent employer, and (iii) the date that is 18 months
after the date COBRA coverage begins (the “COBRA Benefit”). The Company will pay the COBRA Benefit as and when due
to the applicable carrier (which may include medical, prescription drug, dental, and vision, depending on Executive’s participation
as of immediately prior to the Covered Termination), provided no payment will be made prior to the First Payment Date, and on the First
Payment Date, the Company will make payments in respect of any premiums due prior to such date, with the balance paid thereafter as and
when due, in each case, unless extension of the payment date is required under Section 7.1 of this Agreement.

 

2.4             
Accelerated Vesting of Equity Awards. If Executive experiences a Covered Termination, and after taking into account the determinations
required to be made under Section 4.2, below, the Company shall accelerate in full the vesting and exercisability of all of Executive’s
then-outstanding compensatory equity awards, effective as of the Date of Covered Termination.

 

2.5             
Mitigation. Except as otherwise specifically provided herein, Executive shall not be required to mitigate damages or the amount
of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for
under this Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by retirement
benefits after the date of the Covered Termination, or otherwise.

 

ARTICLE III

LIMITATIONS AND CONDITIONS ON BENEFITS

 

3.1             
Withholding of Taxes. The Company shall withhold appropriate federal, state, and local income and employment taxes from any
payments hereunder.

 

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3.2             
Employee Agreement and Release Prior to Receipt of Benefits. Not later than the First Payment Date, Executive must sign, return,
and allow to become effective the general waiver and release of claims in substantially the form attached hereto as Exhibit A. Such employee
agreement and release shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution
relating to Executive’s employment with and rights to receive compensation from the Company (and any successor thereto) and shall
confirm Executive’s obligations under the Company’s standard form of proprietary information agreement. It is understood such
employee release and agreement shall comply with applicable law. In the event Executive does not execute and allow such release to become
and remain effective by the First Payment Date, Executive will have no rights to receive the severance payments and benefits under this
Agreement and this Agreement shall be null and void.

 

3.3             
Section 280G/4999. If any payment or benefit that Executive would receive from the Company or otherwise in connection with
a Change in Control or other similar transaction (“Payment”) would (i) constitute a “parachute payment”
within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”) and (ii) but for this
sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will
be equal to the Reduced Amount. The “Reduced Amount” will be either (x) the largest portion of the Payment that would result
in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment,
whichever amount ((x) or (y)), after taking into account all applicable federal, state, and local employment taxes, income taxes, and
the Excise Tax (all computed at the highest applicable marginal rate), results in Executive’s receipt of the greater economic benefit
notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater
after-tax benefit, the reduction in the Payments will occur in the following order: (a) reduction of cash payments; (b) cancellation of
accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction
of other benefits. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with
respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then with respect to amounts
that are. If acceleration of compensation from equity awards is to be reduced, such acceleration of vesting will be canceled, subject
to the immediately preceding sentence, in the reverse order of the date of grant. These calculations shall be prepared by the Company
and reviewed for accuracy by Executive and the Company’s regular certified public accountants (or nationally recognized accounting
firm of similar stature selected by the Company).

 

ARTICLE IV

OTHER RIGHTS AND BENEFITS

 

4.1             
Nonexclusivity. Nothing in this Agreement shall prevent or limit Executive’s continuing or future participation in any
benefit, bonus, incentive, or other plans, programs, policies, or practices provided by the Company and for which Executive may otherwise
qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under any stock option or other agreements
with the Company. Except as otherwise expressly provided herein, amounts which are vested benefits or which Executive is otherwise entitled
to receive under any plan, policy, practice, or program of the Company at or subsequent to the date of a Covered Termination shall be
payable in accordance with such plan, policy, practice, or program.

 

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4.2             
Performance-Based Equity Awards. With respect to compensatory equity awards that may be granted to Executive by the Company
during Executive’s employment with the Company, and that remain unvested and subject to an on-going performance-based vesting condition
as of immediately prior to the Change in Control (including but not limited to market stock units (“MSUs”) and market
stock options (“MSOs”) (any such awards, the “Performance-Based Equity Awards”)), the Company shall
take the following actions, effective as of immediately prior to the Change in Control:

 

(i)                
with respect to any Performance-Based Equity Awards as to which the performance period has been completed prior to the Change in
Control, but as to which performance has not yet been measured or certified, the Company shall determine the number of shares, units,
or options to be credited to Executive as having satisfied the performance conditions based on the actual performance during the completed
performance period, and Executive shall continue to vest in such credited Performance-Based Equity Awards from and after the closing of
the Change in Control based on the original time-based vesting schedule applicable to such awards (subject to the full acceleration of
vesting on a Covered Termination as set forth in Section 2.4); and

 

(ii)             
with respect to any Performance-Based Equity Awards as to which the performance period remains in progress as of immediately prior
to the closing of the Change in Control, the Company shall determine the number of shares, units, or options to be credited to Executive
as having satisfied the performance conditions based on the actual performance through the day immediately preceding the Change in Control
(by way of example, performance under the MSUs shall be measured against the average closing price of the Company’s common stock
over the 90 calendar days immediately preceding the Change in Control), and Executive shall continue to time-vest in such credited Performance-Based
Equity Awards from and after the closing of the Change in Control based on the original time-based vesting schedule applicable to such
awards (subject to the full acceleration of vesting on a Covered Termination as set forth in Section 2.4).

 

ARTICLE V

NON-ALIENATION OF BENEFITS

 

No benefit hereunder shall be subject to anticipation,
alienation, sale, transfer, assignment, pledge, encumbrance, or charge, and any attempt to so subject a benefit hereunder shall be void.

 

ARTICLE VI

DEFINITIONS

 

For purposes of the Agreement, the following terms
shall have the meanings set forth below:

 

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6.1             
“Agreement” means this Change in Control Severance Agreement.

 

6.2             
“Annual Base Pay” means Executive’s annual base pay at the rate in effect during the last regularly
scheduled payroll period immediately preceding (i) the Change in Control or (ii) the Covered Termination (disregarding any reduction in
base pay that forms the basis for the Covered Termination), whichever is greater.

 

6.3             
“Annual Bonus” means the Executive’s target annual cash incentive bonus for the fiscal year of the
Company in which termination of Executive’s employment occurs.

 

6.4             
“Change in Control” means the consummation of any of the following transactions after the date hereof:

 

(a)              
the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of
the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such
merger or consolidation, or the stockholders of the Company approve a plan of liquidation or dissolution of the Company or an agreement
for the sale, lease, exchange, or other transfer or disposition by the Company of all or substantially all (more than fifty percent (50%))
of the Company’s assets;

 

(b)             
any person (as such term is used in Sections 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act) directly or indirectly
of 25% or more of the Company’s outstanding Common Stock; or

 

(c)              
a change in the composition of the Board of Directors of the Company within a three (3) year period, as a result of which fewer
than a majority of the directors are Incumbent Directors. “Incumbent Directors” shall mean directors who either:

 

(A)            
are directors of the Company as of the effective date of this Agreement;

(B)             
are elected, or nominated for election, to the Board of Directors of the Company with the affirmative votes of at least a majority
of the directors of the Company who are Incumbent Directors described in (A) above at the time of such election or nomination; or

(C)            
are elected, or nominated for election, to the Board of Directors of the Company with the affirmative votes of at least a majority
of the directors of the Company who are Incumbent Directors described in (A) or (B) above at the time of such election or nomination.

 

Notwithstanding the foregoing, “Incumbent Directors”
shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the
election of directors to the Company. In addition, to the extent necessary for compliance with Code Section 409A, a Change in Control
will not be deemed to occur unless such transaction also satisfies the requirements of Treasury Regulations Section 1.409A-3(i)(5).

 

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6.5             
“Company” means AEye, Inc., a Delaware corporation, and any successor thereto.

 

6.6             
“Covered Termination” means an Involuntary Termination or a Voluntary Termination for Good Reason, in either
case, immediately prior to, on, or within twenty-four (24) months following a Change in Control. No other event shall be a Covered Termination
for purposes of this Agreement.

 

6.7             
“Date of Covered Termination” means the date termination of Executive’s employment with the Company
or its subsidiaries as a result of a Covered Termination, which termination is also a “separation from service” within the
meaning of Treasury Regulations Section 1.409A-1(h), without regard to any alternative definition thereunder.

 

6.8             
“Involuntary Termination” means Executive’s dismissal or discharge by the Company or its subsidiaries
(or, if applicable, by the successor entity) for reasons other than fraud, misappropriation, or embezzlement on the part of Executive
which resulted in material loss, damage, or injury to the Company. Notwithstanding the foregoing, Executive shall not be deemed to have
been terminated for one of these reasons unless and until there shall have been delivered to Executive a copy of a resolution, duly adopted
by the affirmative vote of not less than three-quarters of the entire membership of the Company’s Board of Directors at a meeting
of the Board called and held for the purpose (after reasonable notice to Executive and an opportunity for the Executive, together with
Executive’s counsel, to be heard before the Board of Directors), finding that in the good faith opinion of the Board of Directors,
Executive was guilty of conduct set forth in the immediately preceding sentence and specifying the particulars thereof in detail.

 

The termination of Executive’s employment would
not be deemed to be an “Involuntary Termination” if such termination occurs as a result of the death or disability of Executive.

 

6.9             
“Voluntary Termination for Good Reason” means that Executive voluntarily terminates his employment after
any of the following are undertaken without Executive’s express written consent, provided that Executive (i) gives written notice
to the Company within 90 days after the occurrence of the event giving rise to Good Reason, (ii) the Company has failed to cure the event
within 30 days after receipt of the written notice, and (iii) Executive resigns from all positions Executive then holds with the Company
within 30 days after the expiration of the cure period:

 

(a)              
the assignment to or removal from Executive of any duties or responsibilities which result in any diminution or adverse change
of Executive’s position, status, or circumstances of employment as in effect immediately prior to the Change in Control of the Company,
except in connection with the termination of his employment for death, disability, retirement, fraud, misappropriation, embezzlement,
or any other voluntary termination of employment by Executive other than Voluntary Termination for Good Reason;

 

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(b)             
a reduction by the Company in Executive’s Annual Base Pay or Annual Bonus in effect at the time;

 

(c)              
any failure by the Company to continue in effect any benefit plan or arrangement, including incentive plans or plans to receive
securities of the Company, in which Executive is participating at the time of the Change in Control of the Company (hereinafter referred
to as “Benefit Plans”), or the taking of any action by the Company which would adversely affect Executive’s participation
in or reduce Executive’s benefits under any Benefit Plans or deprive Executive of any fringe benefit enjoyed by Executive at the
time of the Change in Control of the Company, provided, however, that Executive may not terminate for Good Reason following a Change in
Control of the Company if the Company offers a range of benefit plans and programs which, taken as a whole, are comparable to the Benefit
Plans, as determined in good faith by the Company’s Board of Directors;

 

(d)             
a relocation of Executive’s principal work place, or the Company’s principal executive offices if Executive’s
principal office is at such offices, to a location more than 30 miles from the location at which Executive performed Executive’s
duties immediately prior to the Change in Control of the Company, which relocation increases Executive’s one way commute by more
than 30 miles, except for required travel by Executive on the Company’s business to an extent substantially consistent with Executive’s
business travel obligations at the time of the Change in Control of the Company;

 

(e)              
any breach by the Company of any provision of this Agreement; or

 

(f)               
any failure by the Company to obtain the assumption of this Agreement by any successor or assign of the Company.

 

ARTICLE VII

GENERAL PROVISIONS

 

7.1             
Section 409A.

 

(a)              
The Company and Executive intend that all of the benefits and payments under this Agreement satisfy, to the greatest extent
possible, the exemptions from the application of Code Section 409A provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(5),
and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. For purposes
of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s
right to receive any installment payments under this Agreement (whether severance payments, reimbursements, or otherwise) and any affected
compensatory equity agreement will be treated as a right to receive a series of separate payments and, accordingly, each installment payment
will at all times be considered a separate and distinct payment. Any amounts payable upon Executive’s termination of employment
shall only be paid upon Executive’s “separation from service” as defined under Code Section 409A.

 

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(b)             
If any amounts due under this Agreement are not exempt under Code Section 409A, the provisions of this Agreement applicable
to such amounts will be construed in a manner that complies with Code Section 409A, and incorporates by reference all required definitions
and payment terms. If Executive is a “specified employee” within the meaning of Code Section 409A and the regulations issued
thereunder, and a payment or benefit provided for in this Agreement would be subject to additional tax under Code Section 409A if the
payment or benefit is paid within six (6) months after Executive’s “separation from service” (within the meaning of
Code Section 409A), then such payment or benefit shall not be paid (or commence) until the first day which is six (6) months after Executive’s
separation from service. In such case, any payments that would otherwise have been made during such period shall be made to Executive
in a lump sum as soon as administratively feasible upon the earlier of (i) the date that is six (6) months after termination of Executive’s
separation from service or (ii) Executive’s death. Furthermore, notwithstanding any other provision of this Agreement to the contrary,
it is specifically understood and agreed that the Company may unilaterally amend this Agreement to the extent necessary to effect compliance
with Section 409A of the Code.

 

7.2             
Employment Status. This Agreement does not constitute a contract of employment or impose on Executive any obligation to remain
as an employee, or impose on the Company any obligation (i) to retain Executive as an employee, (ii) to change the status of Executive
as an at-will employee, or (iii) to change the Company’s policies regarding termination of employment.

 

7.3             
Notices. Any notices provided hereunder must be in writing and such notices or any other written communication shall be deemed
effective upon the earlier of personal delivery (including personal delivery by facsimile or national overnight delivery service such
as FedEx) or the third day after mailing by first class mail, to the Company at its primary office location and to Executive at his address
as listed in the Company’s payroll records. Any payments made by the Company to Executive under the terms of this Agreement shall
be delivered to Executive either in person, by direct deposit into Executive’s bank account listed in the Company’s payroll
records, or at his address as listed in the Company’s payroll records.

 

7.4             
Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law. If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any
applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or any
other jurisdiction. Instead, this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal,
or unenforceable provisions had never been contained herein.

 

7.5             
Waiver. If either party should waive any breach of any provisions of the Agreement, that party shall not thereby be deemed
to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

 

7.6             
Complete Agreement. This Agreement, including Exhibit A and other written agreements referred to in this Agreement, constitutes
the entire agreement between Executive and the Company (and it is the complete, final, and exclusive embodiment of their agreement) with
regard to the subject matter hereof, and expressly supersedes all other agreements, promises, or understandings, whether oral or written,
including, but not limited to, the acceleration of vesting provisions set forth in compensatory equity awards granted prior to the date
of this Agreement. This Agreement is entered into without reliance on any promise or representation other than those expressly contained
herein.

 

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7.7             
Amendment. This Agreement may be amended only upon the mutual written consent of the Company and Executive. The written consent
of the Company must be signed by a duly authorized officer of the Company who is not a party to this Agreement, and only after such change
has been approved by the Compensation Committee of the Company’s Board of Directors.

 

7.8             
Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more
than one party, but all of which taken together will constitute one and the same Agreement.

 

7.9             
Headings. The headings of the Articles and sections hereof are inserted for convenience only and shall not be deemed to constitute
a part hereof nor to affect the meaning thereof.

 

7.10         
Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and
the Company, and their respective successors, assigns, heirs, executors, and administrators, except that Executive may not assign any
of Executive’s duties hereunder without the written consent of the Company, which consent shall not be withheld unreasonably.

 

7.11         
Attorneys’ Fees. If Executive brings any action to enforce Executive’s rights hereunder, Executive shall be entitled
to recover Executive’s reasonable attorneys’ fees and costs incurred in connection with such action if Executive is the prevailing
party in such action.

 

7.12         
Choice of Law. All questions concerning the construction, validity, and interpretation of this Agreement will be governed by
the law of the State of California.

 

7.13         
Construction of Agreement. In the event of a conflict between the text of this Agreement and any summary, description, or other
information regarding this Agreement, the text of this Agreement shall control.

 

[Signatures Appear on the Following Page]

 

 

 

 

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IN WITNESS WHEREOF, the parties have executed
this Agreement on the day and year written above.

 

AEye, Inc.,

a Delaware Corporation

 

 

 

By: _________________________

[Duly Authorized Officer]

 

 

EXECUTIVE:

 

 

____________________________

[Name]

 

 

 

Exhibit A: Executive Agreement and Release

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 10	 

     

    

Exhibit A

 

AEye, Inc.

 

Executive Agreement and Release (the “Release
Agreement”)

 

I understand and agree completely to the terms set forth in the Change
in Control Severance Agreement between the Company and me dated [_____________] the “Agreement”).

 

I hereby confirm my obligations under the Company’s standard form
of proprietary information agreement.

 

I acknowledge that I have read and understand Section 1542 of the California
Civil Code which reads as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE
CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN
BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

 

I hereby expressly waive and relinquish all rights and benefits under that
section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company.

 

Except as otherwise set forth in this Release Agreement and in exchange
for the benefits set forth in the Agreement, I hereby release, acquit, and forever discharge the Company, its parents and subsidiaries,
and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all
claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities, and obligations of every
kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any
claim for indemnification I may have as a result of any third party action against me based on my employment with the Company), arising
out of or in any way related to the termination of my employment with the Company and my rights to compensation from the Company at any
time prior to and including the Effective Date of this Release Agreement, including but not limited to: all such claims and demands directly
or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including,
but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury,
claims, or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation
pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state,
or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended (“ADEA”); the federal American with Disabilities Act of 1990; the California
Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional
distress; and breach of the implied covenant of good faith and fair dealing. However, I am not releasing any claims which, by law, cannot
be released by me, and I am not releasing the Company from its obligation to indemnify me to the greatest extent permitted by law, or
to provide me with continued coverage under the Company’s directors’ and officers’ liability insurance policy to the
same extent that it has provided such coverage to previously departed officers and directors of the Company.

 

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I acknowledge that I am knowingly and voluntarily waiving and releasing
any rights I may have under ADEA. I also acknowledge that the consideration given for the waiver and release in the preceding paragraph
hereof is in addition to anything of value which I was already entitled. I further acknowledge that I have been advised by this writing,
as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the Effective Date
of this Release Agreement; (b) I have the right to consult with an attorney prior to executing this Release Agreement; (c) I have twenty-one
(21) days (unless, by law, I am required to be given forty-five (45) days) to consider this Release Agreement (although I may choose to
voluntarily execute this Release Agreement earlier); (d) I have seven (7) days following the execution of this Release Agreement by the
parties to revoke this Release Agreement; and (e) this Release Agreement shall not be effective until the date upon which the revocation
period has expired, which shall be the eighth day after this Release Agreement is executed by me.

 

 

 

___________________________

 

 

Date: _______________________

 

 

 

 

 

 

 

 

 

 

    	 	 12Exhibit
10.1

 

FORM
OF LOCK-UP AGREEMENT

 

THIS
LOCK-UP AGREEMENT (this “Agreement”) is made and entered into as of March 17, 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 “Benuvia, 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).

 

WHEREAS,
on March 17, 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) Shannon Soqui, in the capacity
as the representative for the Company Stockholders, and (v) Benuvia, 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.

 

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) the 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 (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.

 

    	1

     

    

 

(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 March
17, 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.	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 hereto 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 hereto 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 Delaware (or in any appellate courts thereof) (the “Specified Courts”). Each party hereto
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 hereto 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).

 

    	2

     

    

 

(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 hereto, 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.

 

(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

     

    O’Melveny
    & Myers LLP

    Two Embarcadero Center. 28th Floor

    San Francisco, CA 94111

    Attn: Noah Kornblith

    Telephone No.: (415) 984-8832

    Email: nkornblith@omm.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.

 

    	3

     

    

 

(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.

 

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

 

    	4

     

    

 

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

 

	 	Purchaser:
	 	 	 
	 	PONO
    CAPITAL CORP.
	 	 	 
	 	By:	/s/
    Dustin Shindo
	 	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: SHANNON SOQUI	 
	 	 	 
	By:	/s/
    Shannon Soqui	 
	Name:	Shannon
    Soqui 	 
	Title:	Individual 	 

 

	Number
    of Shares and Type of Company Stock:	 
	 Company
    Stock: All beneficially owned shares	 

 

	Name
    of Holder: JASON ROTH	 
	 	 	 
	By:	 /s/
    Jason Roth	 
	Name:	 Jason
    Roth	 
	Title:	 Individual	 

 

	Number
    of Shares and Type of Company Stock:	 
	 Company
    Stock: All beneficially owned shares	 

 

{Signature
Page to Lock-Up Agreement}

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