Document:

Exhibit
10.2

 

NON-COMPETITION
AND NON-SOLICITATION AGREEMENT

 

THIS
NON-COMPETITION AND NON-SOLICITATION AGREEMENT (this “Agreement”) is being executed and delivered as of March
17, 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 “Benuvia, Inc.” (including any successor entity thereto, the “Purchaser”),
Benuvia, 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.

 

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 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, directly and indirectly through its subsidiaries, owns and develops FDA approved drugs focused on pharmaceutical cannabinoids,
and manufactures active pharmaceutical ingredients (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 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

     

    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 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 hereto 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 hereto, (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 hereto 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 Non-Competition and Non-Solicitation Agreement as of the date first
written above.

 

	 	Subject
    Party:
	 	 	 
	 	SHANNON
    SOQUI
	 	 	          
	 	By:	 /s/
    Shannon Soqui
	 	Name:	Shannon
    Soqui
	 	Title:	Individual

 

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

  

{Signature
Page to Non-Competition Agreement}

 

    	 

     

    

 

Acknowledged
and accepted as of the date first written above:

 

	The
    Purchaser: 	 
	 	 	 
	PONO
    CAPITAL CORP.	 
	 	 	 
	By:	/s/
    Dustin Shindo	 
	Name:	Dustin
    Shindo	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	 	 	 
	The
    Company:	 
	 	 	 
	BENUVIA,
    INC.	 
	 	 	 
	By:	/s/
    Shannon Soqui	 
	Name:	Shannon
    Soqui	 
	Title:	Executive
    Chairman	 

 

{Signature
Page to Non-Competition Agreement}Exhibit
10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [●], 2022 by and
among (i) Pono Capital Corp., a Delaware corporation (including its successors, the “Company”), and (ii) and
the undersigned parties listed under Holders on the signature page hereto (each such party, together with any person or entity who hereafter
becomes a party to this Agreement pursuant to Section 6.2 of this Agreement, a “Holder” and collectively the
“Holders”).

 

WHEREAS,
on March 17, 2022, (i) 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 (“Benuvia”),
entered into that certain Agreement and Plan of Merger (as amended from time to time in accordance with the terms thereof, the “Merger
Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated
thereby (the “Closing”), among other matters, Merger Sub will merge with and into the Company, with the Company
continuing as the surviving entity and a wholly-owned subsidiary of Purchaser, and with the Holders, as stockholders of the Company,
receiving shares of the Purchaser’s Class A common stock (the “Merger Consideration Shares”), all upon
the terms and subject to the conditions set forth in the Merger Agreement and in accordance with the provisions of applicable law;

 

WHEREAS,
in connection with the Closing, the Holders will enter into a lock-up agreement with Purchaser and the Purchaser Representative (as amended
from time to time in accordance with the terms thereof, a “Lock-Up Agreement”), pursuant to which the Holders
will agree not to transfer the Merger Consideration Shares for a certain period of time after the Closing as stated in the Lock-Up Agreement;
and

 

WHEREAS,
the parties desire to enter into this Agreement to provide the Holders with certain rights relating to the registration of the Merger
Consideration Shares received by the Holders under the Merger Agreement, including any additional Merger Consideration Shares issued
after the Closing pursuant to Section 1.13 of the Merger Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1. DEFINITIONS.
The following capitalized terms used herein have the following meanings:

 

“Affiliate”
means, with respect to any specified Person, any Person that, directly or indirectly through one or more entities, controls or is controlled
by, or is under common control with, such specified Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise.

 

    	 

    	 

    

 

“Agreement”
means this Agreement, as amended, restated, supplemented, or otherwise modified from time to time.

 

“Business
Combination” means the acquisition of direct or indirect ownership through a merger, share exchange, asset acquisition, share
purchase, recapitalization, reorganization or other similar type of transaction, of one or more businesses or entities.

 

“Commission”
means the Securities and Exchange Commission, or any other Federal agency then administering the Securities Act or the Exchange Act.

 

“Common
Stock” means the Class A common stock, par value $0.000001 per share, of the Company and Class B common stock, par value $0.000001
per share of the Purchaser, along with any equity securities paid as dividends or distributions after the Closing with respect to such
shares or into which such shares are exchanged or converted after the Closing.

 

“Company”
is defined in the preamble to this Agreement.

 

“Demand
Registration” is defined in Section 2.2.1.

 

“Demanding
Holder” is defined in Section 2.2.1.

 

“Effectiveness
Date” means, with respect to the Initial Registration Statement, the 90th calendar day following the Filing Date (or in the
event the Registration Statement receives a “full review” by the Commission, the 120th day following the Filing Date) and
with respect to any additional Registration Statements which may be required pursuant to Sections 2.2 and 2.3, the 90th calendar day
following the date on which an additional Registration Statement is required to be filed hereunder; provided, however, that in the event
the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer
subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Business Day following
the date on which the Company is so notified if such date precedes the dates otherwise required above; provided, further, that, if the
Effectiveness Date falls on a Saturday, Sunday or any other day which shall be a legal holiday or a day on which the Commission is authorized
or required by law or other government actions to close, the Effectiveness Date shall be the following Business Day.

 

“Effectiveness
Period” shall have the meaning set forth in Section 2.1.1

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Filing
Date” means, with respect to the Initial Registration Statement required hereunder, the 30th calendar day following the date
hereof and, with respect to any additional Registration Statements which may be required pursuant to Sections 2.2 and 2.3, the earliest
practical date on which the Company is permitted by Commission Guidance to file such additional Registration Statement related to the
Registrable Securities; provided, however, that, if the Filing Date falls on a Saturday, Sunday or any other day which shall be a legal
holiday or a day on which the Commission is authorized or required by law or other government actions to close, the Filing Date shall
be the following Business Day.

 

    	2

    	 

    

 

“Form
S-3” is defined in Section 2.4.

 

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of August 10, 2021, by and among
Purchaser, Mehana Equity LLC and certain directors of Purchaser.

 

“Founder
Securities” means those securities included in the definition of “Registrable Security” specified in the Founder
Registration Rights Agreement.

 

“Founders”
means those holders of Founder Securities.

 

“Holder”
is defined in the preamble to this Agreement.

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Initial
Registration Statement” means the Registration Statement required to be filed pursuant to Section 2.1.

 

“Holder
Indemnified Party” is defined in Section 4.1.

 

“Maximum
Number of Shares” is defined in Section 2.2.4.

 

“Merger
Shares” means the shares of Common Stock of the Company issued or issuable to the Holders pursuant to the terms of the MTA.

 

“Notices”
is defined in Section 6.3.

 

“Piggy-Back
Registration” is defined in Section 2.3.1.

 

“Pro
Rata” is defined in Section 2.2.4.

 

“Register,”
“Registered” and “Registration” mean a registration effected by preparing and filing a registration
statement or similar document in compliance with the requirements of the Securities Act, and the applicable rules and regulations promulgated
thereunder, and such registration statement becoming effective.

 

“Registrable
Securities” means (i) the Merger Shares, (ii) any shares of Common Stock acquired by the Holders in connection with the Business
Combination, and (iii) any warrants, shares of capital stock or other securities of the Company issued as a dividend or other distribution
with respect to or in exchange for or in replacement of such Merger Shares. As to any particular Registrable Securities, such securities
shall cease to be Registrable Securities when: (a) a Registration Statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with
such Registration Statement; (b) such securities shall have been otherwise transferred, new certificates for them not bearing a legend
restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration
under the Securities Act; (c) such securities shall have ceased to be outstanding; or (d) the Registrable Securities are freely saleable
under Rule 144 without volume limitations.

 

    	3

    	 

    

 

“Registration
Statement” means a registration statement filed by the Company with the Commission in compliance with the Securities Act and
the rules and regulations promulgated thereunder for a public offering and sale of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities (other than a registration statement on Form S-4 or Form S-8,
or their successors, or any registration statement covering only securities proposed to be issued in exchange for securities or assets
of another entity).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder,
all as the same shall be in effect at the time.

 

“Underwriter”
means, solely for the purposes of this Agreement, a securities dealer who purchases any Registrable Securities as principal in an underwritten
offering and not as part of such dealer’s market-making activities.

 

2. REGISTRATION
RIGHTS.

 

2.1
Shelf Registration.

 

2.1.1
On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement covering the resale
of all or such maximum portion of the Registrable Securities as permitted by SEC Guidance (provided that, the Company shall use diligent
efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance,
including without limitation, the Manual of Publicly Available Telephone Interpretations D.29) that are not then registered on an effective
Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder
shall be on Form S-1 (except if the Company is then eligible to register for resale the Registrable Securities on Form S-3, such registration
shall be on Form S-3 in accordance herewith). Subject to the terms of this Agreement, the Company shall use its commercially reasonable
efforts to cause a Registration Statement to be declared effective under the Securities Act as promptly as practicable after the filing
thereof, but in any event prior to the applicable Effectiveness Date, and shall use its commercially reasonable efforts to keep such
Registration Statement continuously effective under the Securities Act until all Registrable Securities covered by such Registration
Statement have been sold, or may be sold without volume or manner-of-sale restrictions pursuant to Rule 144, without the requirement
for the Company to be in compliance with the current public information requirement under Rule 144, as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and acceptable to the Transfer Agent and the affected Holders
(the “Effectiveness Period”). The Company shall telephonically request effectiveness of a Registration Statement
as of 5:00 p.m. New York City time on a Business Day. The Company shall promptly notify the Holders by e-mail of the effectiveness of
a Registration Statement on the same Business Day that the Company telephonically confirms effectiveness with the Commission. The Company
shall, no later than the second Business Day after the effective date of such Registration Statement, file a final Prospectus with the
Commission as required by Rule 424. The parties acknowledge that the Founders shall have the right to include the Founder Securities
pursuant to the Founder Registration Rights Agreement.

 

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2.1.2
Notwithstanding any other provision of this Agreement, if any SEC Guidance sets forth a limitation on the number of Registrable Securities
permitted to be registered on a particular Registration Statement (and notwithstanding that the Company used diligent efforts to advocate
with the Commission for the registration of all or a greater portion of Registrable Securities), the number of Registrable Securities
to be registered shall be reduced on a on a pro rata basis based on the total number of Registrable Securities held by such Holders and,
if applicable, the Founder Securities (such proportion is referred to herein as “Pro Rata”). In the event of
a reduction hereunder, the Company shall give the Holder and Founders, as applicable, at least five (5) Business Days prior written notice
along with the calculations as to such Holder’s or Founder’s allotment. Promptly after such SEC Guidance is no longer applicable
with respect to some or all of the remaining unregistered Registrable Securities and Founder Securities, the Company shall file an additional
Registration Statement in accordance with this Section 2 to with respect to such shares.

 

2.1.3
Each Holder agrees to furnish to the Company a completed Selling Stockholder Questionnaire within five (5) Business Days following the
date of this Agreement. Each Holder further acknowledges and agrees that it shall not be entitled to be named as a selling security holder
in the Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder
has returned to the Company a completed and signed Selling Stockholder Questionnaire. If a Holder of Registrable Securities returns a
Selling Stockholder Questionnaire after the deadline specified in the previous sentence, the Company shall use its commercially reasonable
efforts to take such actions as are required to name such Holder as a selling security holder in the Registration Statement or any pre-effective
or post-effective amendment thereto and to include (to the extent not theretofore included) in the Registration Statement the Registrable
Securities identified in such late Selling Stockholder Questionnaire; provided that the Company shall not be required to file an additional
Registration Statement solely for such shares. Each Holder acknowledges and agrees that the information in the Selling Stockholder Questionnaire
will be used by the Company in the preparation of the Registration Statement and hereby consents to the inclusion of such information
in the Registration Statement.

 

2.2 Demand
Registration.

 

2.2.1 Request
for Registration. At any time and from time to time on or after the date of this Agreement, the Holders of twenty-five percent (25%)
of the Registrable Securities, or the transferees of the Holders, may make a written demand for registration under the Securities Act
of all or part of their Registrable Securities, as the case may be (a “Demand Registration” ). Any demand for
a Demand Registration shall specify the number of shares of Registrable Securities proposed to be sold and the intended method(s) of
distribution thereof. The Company will within ten (10) days of the Company’s receipt of the Demand Registration notify all holders
of Registrable Securities and Founder Securities of the demand, and each holder of Registrable Securities who wishes to include all or
a portion of such holder’s Registrable Securities in the Demand Registration (each such holder including shares of Registrable
Securities in such registration, a “Demanding Holder”) shall so notify the Company within five (5) days after
the receipt by the holder of the notice from the Company. Upon any such request, the Demanding Holders shall be entitled to have their
Registrable Securities included in the Demand Registration, subject to Section 2.1.4 and the provisos set forth in Section 3.1.1. The
Company shall not be obligated to effect no more than an aggregate of three (3) Demand Registrations under this Section 2.1.1 in respect
of all Registrable Securities.

 

    	5

    	 

    

 

2.2.2
Effective Registration. A registration will not count as a Demand Registration until the Registration Statement filed with the
Commission with respect to such Demand Registration has been declared effective and the Company has complied with all of its obligations
under this Agreement with respect thereto; provided, however, that if, after such Registration Statement has been declared effective,
the offering of Registrable Securities pursuant to a Demand Registration is interfered with by any stop order or injunction of the Commission
or any other governmental agency or court, the Registration Statement with respect to such Demand Registration will be deemed not to
have been declared effective, unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated, and
(ii) a majority-in-interest of the Demanding Holders thereafter elect to continue the offering; provided, further, that the Company shall
not be obligated to file a second Registration Statement until a Registration Statement that has been filed is counted as a Demand Registration
or is terminated.

 

2.2.3
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and such holders so advise the Company as part
of their written demand for a Demand Registration, the offering of such Registrable Securities pursuant to such Demand Registration shall
be in the form of an underwritten offering. In such event, the right of any holder to include its Registrable Securities in such registration
shall be conditioned upon such holder’s participation in such underwriting and the inclusion of such holder’s Registrable
Securities in the underwriting to the extent provided herein. All Demanding Holders proposing to distribute their Registrable Securities
through such underwriting shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such underwriting by a majority-in-interest of the holders initiating the Demand Registration. 

 

2.2.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten offering
advises the Company and the Demanding Holders in writing that the dollar amount or number of shares of Registrable Securities which the
Demanding Holders desire to sell, taken together with Founder Securities and all other shares of Common Stock or other securities which
the Company desires to sell and the shares of Common Stock, if any, as to which registration has been requested pursuant to written contractual
piggy-back registration rights held by other shareholders of the Company who desire to sell, exceeds the maximum dollar amount or maximum
number of shares that can be sold in such offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of shares, as applicable, the “Maximum
Number of Shares” ), then the Company shall include in such registration: (i) first, the Registrable Securities as to which
Demand Registration has been requested by the Demanding Holders and the Founder Securities (Pro Rata in accordance with the number of
shares that each such Person has requested be included in such registration, regardless of the number of shares held by each such Person)
that can be sold without exceeding the Maximum Number of Shares; (ii) second, to the extent that the Maximum Number of Shares has not
been reached under the foregoing clause (i), the shares of Common Stock or other securities that the Company desires to sell that can
be sold without exceeding the Maximum Number of Shares; and (iii) third, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other securities for the account of other persons that
the Company is obligated to register pursuant to written contractual arrangements with such persons and that can be sold without exceeding
the Maximum Number of Shares. 

 

2.2.5
Withdrawal. If a majority-in-interest of the Demanding Holders disapprove of the terms of any underwriting or are not entitled
to include all of their Registrable Securities in any offering, such majority-in-interest of the Demanding Holders may elect to withdraw
from such offering by giving written notice to the Company and the Underwriter or Underwriters of their request to withdraw prior to
the effectiveness of the Registration Statement filed with the Commission with respect to such Demand Registration. If the majority-in-interest
of the Demanding Holders withdraws from a proposed offering relating to a Demand Registration, then such registration shall not count
as a Demand Registration provided for in Section 2.1. 

 

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2.3
Piggy-Back Registration.

 

2.3.1
Piggy-Back Rights. If at any time on or after the date of this Agreement the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, by the Company for its own account or for shareholders of the Company for their account
(or by the Company and by shareholders of the Company including, without limitation, pursuant to Section 2.1), other than a Registration
Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities
solely to the Company’s existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the
Company or (iv) for a dividend reinvestment plan, then the Company shall (x) give written notice of such proposed filing to the holders
of Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated filing date, which notice
shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name
of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to the holders of Registrable Securities
in such notice the opportunity to register the sale of such number of shares of Registrable Securities as such holders may request in
writing within five (5) days following receipt of such notice (a “Piggy-Back Registration” ). The Company shall
cause such Registrable Securities to be included in such registration and shall use its best efforts to cause the managing Underwriter
or Underwriters of a proposed underwritten offering to permit the Registrable Securities requested to be included in a Piggy-Back Registration
on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All holders of Registrable Securities proposing to distribute
their securities through a Piggy-Back Registration that involves an Underwriter or Underwriters shall enter into an underwriting agreement
in customary form with the Underwriter or Underwriters selected for such Piggy-Back Registration. Notwithstanding the provisions set
forth in the immediately preceding sentences, the right to a Piggy-Back Registration set forth under this Section 2.2.1 with respect
to the Registrable Securities shall terminate on the seventh anniversary of the Effective Date. 

 

2.3.2 Reduction
of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten offering advises
the Company and the holders of Registrable Securities in writing that the dollar amount or number of shares of Common Stock which the
Company desires to sell, taken together with the shares of Common Stock, if any, as to which registration has been demanded pursuant
to written contractual arrangements with persons other than the holders of Registrable Securities hereunder, the Registrable Securities
as to which registration has been requested under this Section 2.2, and the shares of Common Stock, if any, as to which registration
has been requested pursuant to the written contractual piggy-back registration rights of other shareholders of the Company, exceeds the
Maximum Number of Shares, then the Company shall include in any such registration: 

 

a)
If the registration is undertaken for the Company’s
account: (A) first, the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been reached under the foregoing clause
(A), the shares of Common Stock or other securities, if any, comprised of Registrable Securities and Founder Securities, as to which
registration has been requested pursuant to the applicable written contractual piggy-back registration rights of such security holders,
Pro Rata, that can be sold without exceeding the Maximum Number of Shares; and (C) third, to the extent that the Maximum Number of Shares
has not been reached under the foregoing clauses (A) and (B), the shares of Common Stock or other securities for the account of other
persons that the Company is obligated to register pursuant to written contractual piggy-back registration rights with such persons and
that can be sold without exceeding the Maximum Number of Shares;

 

b)
If the registration is a “demand” registration
undertaken at the demand of persons other than the holders of Registrable Securities, (A) first, the shares of Common Stock or other
securities for the account of the demanding persons (other than the Founders pursuant to the Founder Registration Rights Agreement) that
can be sold without exceeding the Maximum Number of Shares; (B) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (A), collectively the shares of Common Stock or other securities comprised of Registrable Securities
and Founder Securities, Pro Rata, as to which registration has been requested pursuant to the terms hereof, that can be sold without
exceeding the Maximum Number of Shares; (C) third, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A) and (B), the shares of Common Stock or other securities that the Company desires to sell that can be sold without exceeding
the Maximum Number of Shares; and (D) fourth, to the extent that the Maximum Number of Shares has not been reached under the foregoing
clauses (A), (B) and (C), the shares of Common Stock or other securities for the account of other persons that the Company is obligated
to register pursuant to written contractual arrangements with such persons, that can be sold without exceeding the Maximum Number of
Shares.

 

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2.3.3
Withdrawal. Any holder of Registrable Securities may elect to withdraw such holder’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to the Company of such request to withdraw prior to the effectiveness
of the Registration Statement. The Company (whether on its own determination or as the result of a withdrawal by persons making a demand
pursuant to written contractual obligations) may withdraw a Registration Statement at any time prior to the effectiveness of such Registration
Statement. Notwithstanding any such withdrawal, the Company shall pay all expenses incurred by the holders of Registrable Securities
in connection with such Piggy-Back Registration as provided in Section 3.3. 

 

2.3.4
Unlimited Piggy-Back Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof shall
not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof. The Holders shall have unlimited
Piggy-Back Registration Rights.

 

2.3.4
Registrations on Form S-3. The holders of Registrable Securities may at any time and from time to time, request in writing that
the Company register the resale of any or all of such Registrable Securities on Form S-3 or any similar short-form registration which
may be available at such time (“Form S-3” ); provided, however, that the Company shall not be obligated to
effect such request through an underwritten offering. Upon receipt of such written request, the Company will promptly give written notice
of the proposed registration to all other holders of Registrable Securities, and, as soon as practicable thereafter, effect the registration
of all or such portion of such holder’s or holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities or other securities of the Company, if any, of any other holder or holders joining
in such request as are specified in a written request given within fifteen (15) days after receipt of such written notice from the Company;
provided, however, that the Company shall not be obligated to effect any such registration pursuant to this Section 2.3: (i) if Form
S-3 is not available for such offering; or (ii) if the holders of the Registrable Securities, together with the holders of any other
securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities
(if any) at any aggregate price to the public of less than $500,000. Registrations effected pursuant to this Section 2.3 shall not be
counted as Demand Registrations effected pursuant to Section 2.1. 

 

3.
REGISTRATION PROCEDURES.

 

3.1
Filings; Information. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to Section
2, the Company shall use its best efforts to effect the registration and sale of such Registrable Securities in accordance with the intended
method(s) of distribution thereof as expeditiously as practicable, and in connection with any such request: 

 

3.1.1
Filing Registration Statement. The Company shall use its best efforts to, as expeditiously as possible after receipt of a request
for a Demand Registration pursuant to Section 2.1, prepare and file with the Commission a Registration Statement on any form for which
the Company then qualifies or which counsel for the Company shall deem appropriate and which form shall be available for the sale of
all Registrable Securities to be registered thereunder in accordance with the intended method(s) of distribution thereof, and shall use
its best efforts to cause such Registration Statement to become effective and use its best efforts to keep it effective for the period
required by Section 3.1.3; provided, however, that the Company shall have the right to defer any Demand Registration for up to thirty
(30) days, and any Piggy-Back Registration for such period as may be applicable to deferment of any demand registration to which such
Piggy-Back Registration relates, in each case if the Company shall furnish to the holders a certificate signed by Chief Executive Officer
or Chairman of the Company stating that, in the good faith judgment of the Board of Directors of the Company, it would be materially
detrimental to the Company and its shareholders for such Registration Statement to be effected at such time; provided further, however,
that the Company shall not have the right to exercise the right set forth in this provision more than once in any 365-day period in respect
of a Demand Registration hereunder. 

 

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3.1.2 Copies.
The Company shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish without charge
to the holders of Registrable Securities included in such registration, and such holders’ legal counsel, copies of such Registration
Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits
thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary
prospectus), and such other documents as the holders of Registrable Securities included in such registration or legal counsel for any
such holders may request in order to facilitate the disposition of the Registrable Securities owned by such holders. 

 

3.1.3
Amendments and Supplements. The Company shall prepare and file with the Commission such amendments, including post-effective amendments,
and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration
Statement effective and in compliance with the provisions of the Securities Act until all Registrable Securities and other securities
covered by such Registration Statement have been disposed of in accordance with the intended method(s) of distribution set forth in such
Registration Statement or such securities have been withdrawn. 

 

3.1.4 Notification.
After the filing of a Registration Statement, the Company shall promptly, and in no event more than two (2) business days after such
filing, notify the holders of Registrable Securities included in such Registration Statement of such filing, and shall further notify
such holders promptly and confirm such advice in writing in all events within two (2) business days of the occurrence of any of the following:
(i) when such Registration Statement becomes effective; (ii) when any post-effective amendment to such Registration Statement becomes
effective; (iii) the issuance or threatened issuance by the Commission of any stop order (and the Company shall take all actions required
to prevent the entry of such stop order or to remove it if entered); and (iv) any request by the Commission for any amendment or supplement
to such Registration Statement or any prospectus relating thereto or for additional information or of the occurrence of an event requiring
the preparation of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of the securities
covered by such Registration Statement, such prospectus will not contain an untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly make available to
the holders of Registrable Securities included in such Registration Statement any such supplement or amendment; except that before filing
with the Commission a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by
reference, the Company shall furnish to the holders of Registrable Securities included in such Registration Statement and to the legal
counsel for any such holders, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such holders
and legal counsel with a reasonable opportunity to review such documents and comment thereon, and the Company shall not file any Registration
Statement or prospectus or amendment or supplement thereto, including documents incorporated by reference, to which such holders or their
legal counsel shall object. 

 

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3.1.5 State
Securities Laws Compliance. The Company shall use its best efforts to (i) register or qualify the Registrable Securities covered
by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the
holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the
Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify
but for this paragraph or subject itself to taxation in any such jurisdiction. 

 

3.1.6
Agreements for Disposition. The Company shall enter into customary agreements (including, if applicable, an underwriting agreement
in customary form) and take such other actions as are reasonably required in order to expedite or facilitate the disposition of such
Registrable Securities. The representations, warranties and covenants of the Company in any underwriting agreement which are made to
or for the benefit of any Underwriters, to the extent applicable, shall also be made to and for the benefit of the holders of Registrable
Securities included in such registration statement. No holder of Registrable Securities included in such registration statement shall
be required to make any representations or warranties in the underwriting agreement except, if applicable, with respect to such holder’s
organization, good standing, authority, title to Registrable Securities, lack of conflict of such sale with such holder’s material
agreements and organizational documents, and with respect to written information relating to such holder that such holder has furnished
in writing expressly for inclusion in such Registration Statement. 

 

3.1.7
Cooperation. The principal executive officer of the Company, the principal financial officer of the Company, the principal accounting
officer of the Company and all other officers and members of the management of the Company shall cooperate fully in any offering of Registrable
Securities hereunder, which cooperation shall include, without limitation, the preparation of the Registration Statement with respect
to such offering and all other offering materials and related documents, and participation in meetings with Underwriters, attorneys,
accountants and potential Holders. 

 

3.1.8
Records. The Company shall make available for inspection by the holders of Registrable Securities included in such Registration
Statement, any Underwriter participating in any disposition pursuant to such registration statement and any attorney, accountant or other
professional retained by any holder of Registrable Securities included in such Registration Statement or any Underwriter, all financial
and other records, pertinent corporate documents and properties of the Company, as shall be necessary to enable them to exercise their
due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information requested by
any of them in connection with such Registration Statement.

 

    	10

    	 

    

 

3.1.9 Opinions
and Comfort Letters. Upon request, the Company shall furnish to each holder of Registrable Securities included in any Registration
Statement a signed counterpart, addressed to such holder, of (i) any opinion of counsel to the Company delivered to any Underwriter and
(ii) any comfort letter from the Company’s independent public accountants delivered to any Underwriter. In the event no legal opinion
is delivered to any Underwriter, the Company shall furnish to each holder of Registrable Securities included in such Registration Statement,
at any time that such holder elects to use a prospectus, an opinion of counsel to the Company to the effect that the Registration Statement
containing such prospectus has been declared effective and that no stop order is in effect. 

 

3.1.10
Earnings Statement. The Company shall comply with all applicable rules and regulations of the Commission and the Securities Act,
and make available to its shareholders, as soon as practicable, an earnings statement covering a period of twelve (12) months, which
earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder. 

 

3.1.11
Listing. The Company shall use its best efforts to cause all Registrable Securities included in any registration to be listed
on such exchanges or otherwise designated for trading in the same manner as similar securities issued by the Company are then listed
or designated or, if no such similar securities are then listed or designated, in a manner satisfactory to the holders of a majority
of the Registrable Securities included in such registration. 

 

3.1.12
Road Show. If the registration involves the registration of Registrable Securities involving gross proceeds in excess of $25,000,000,
the Company shall use its reasonable efforts to make available senior executives of the Company to participate in customary “road
show” presentations that may be reasonably requested by the Underwriter in any underwritten offering. 

 

3.2
Obligation to Suspend Distribution. Upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 3.1.4(iv), or, in the case of a resale registration on Form S-3 pursuant to Section 2.3 hereof, upon any suspension by the
Company, pursuant to a written insider trading compliance program adopted by the Company’s Board of Directors, of the ability of
all “insiders” covered by such program to transact in the Company’s securities because of the existence of material
non-public information, each holder of Registrable Securities included in any registration shall immediately discontinue disposition
of such Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such holder receives
the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the restriction on the ability of “insiders”
to transact in the Company’s securities is removed, as applicable, and, if so directed by the Company, each such holder will deliver
to the Company all copies, other than permanent file copies then in such holder’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice. 

 

    	11

    	 

    

 

3.3
Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any Demand Registration pursuant
to Section 2.2, any Piggy-Back Registration pursuant to Section 2.3, and any registration on Form S-3 effected pursuant to Section 2.4,
and all expenses incurred in performing or complying with its other obligations under this Agreement, whether or not the Registration
Statement becomes effective, including, without limitation: (i) all registration and filing fees; (ii) fees and expenses of compliance
with securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue sky qualifications
of the Registrable Securities); (iii) printing expenses; (iv) the fees and expenses incurred in connection with the listing of the Registrable
Securities as required by Section 3.1.11; (v) Financial Industry Regulatory Authority fees; (vi) fees and disbursements of counsel for
the Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses or costs
associated with the delivery of any opinions or comfort letters requested pursuant to Section 3.1.9); and (viii) the reasonable fees
and expenses of any special experts retained by the Company in connection with such registration. The Company shall have no obligation
to pay any underwriting discounts or selling commissions attributable to the Registrable Securities being sold by the holders thereof,
which underwriting discounts or selling commissions shall be borne by such holders. Additionally, in an underwritten offering, all selling
shareholders and the Company shall bear the expenses of the Underwriter pro rata in proportion to the respective amount of shares each
is selling in such offering. 

 

3.4
Information. The holders of Registrable Securities shall provide such information as may reasonably be requested by the Company,
or the managing Underwriter, if any, in connection with the preparation of any Registration Statement, including amendments and supplements
thereto, in order to effect the registration of any Registrable Securities under the Securities Act pursuant to Section 2 and in connection
with the Company’s obligation to comply with Federal and applicable state securities laws. In addition, the holders of Registrable
Securities shall comply with all prospectus delivery requirements under the Securities Act and applicable SEC regulations. 

 

3.5
Legend Removal Obligations. In connection with the written request of any Holder, the Company shall remove any restrictive legend
included on the certificates (or, in the case of book-entry shares, any other instrument or record) representing such Holder’s
and/or its affiliates’ or permitted transferee’s ownership of Registrable Securities, and promptly issue a certificate (or
evidence of the issuance of securities in book-entry form) without such restrictive legend or any other restrictive legend to the holder
of the applicable shares of Registrable Securities upon which it is stamped, if (i) such Registrable Securities are registered for resale
under the Securities Act and such Registration Statement for such Registrable Securities has not been suspended under the Securities
Act, the Exchange Act or the rules and regulations of the Commission promulgated thereunder, (ii) such Registrable Securities are sold
or transferred pursuant to Rule 144, or (iii) such Registrable Securities are eligible for sale pursuant to Section 4(a)(1) of the Securities
Act or Rule 144 without volume or manner-of-sale restrictions. Following the earlier of (A) the effective date of a Registration Statement
registering such Registrable Securities or (B) Rule 144 becoming available for the resale of such Registrable Securities without volume
or manner-of-sale restrictions, the Company upon the written request of the Holder or its permitted transferee, shall instruct the Company’s
transfer agent to remove the legend from such Registrable Securities (in whatever form) and shall cause Company counsel to issue any
legend removal opinion required by the transfer agent. Any reasonable and documented fees (with respect to the transfer agent, Company
counsel, or otherwise) associated with the removal of such legend shall be borne by the Company. If a legend is no longer required pursuant
to the foregoing, the Company will, as soon as practicable, and in any case no later than three (3) business days following the delivery
by any Holder or its permitted transferee to the Company or the transfer agent (with notice to the Company) of a legended certificate
(if applicable) representing such Registrable Securities and, to the extent such sale is not pursuant to an effective registration statement,
such other documentation as reasonably requested by the Company, deliver or cause to be delivered to the holder of such Registrable Securities
a certificate representing such Registrable Securities (or evidence of the issuance of such Registrable Securities in book-entry form)
that is free from all restrictive legends; provided that, notwithstanding the foregoing, the Company will not be required to deliver
any opinion, authorization, certificate or direction to remove the restrictive legend pursuant to this Section 3.5 if (x) removal of
the legend would result in or facilitate transfer of securities in violation of applicable law or (y) following receipt of instruction
from the Company, the transfer agent refuses to remove the legend. 

 

    	12

    	 

    

 

4.
INDEMNIFICATION AND CONTRIBUTION.

 

4.1
Indemnification by the Company. The Company agrees to indemnify and hold harmless each Holder and each other holder of Registrable
Securities, and each of their respective officers, employees, affiliates, directors, partners, members, attorneys and agents, and each
person, if any, who controls an Holder and each other holder of Registrable Securities (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) (each, an “Holder Indemnified Party” ), from and against any expenses,
losses, judgments, claims, damages or liabilities, whether joint or several, arising out of or based upon any untrue statement (or allegedly
untrue statement) of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was
registered under the Securities Act, any preliminary prospectus, final prospectus or summary prospectus contained in the Registration
Statement, or any amendment or supplement to such Registration Statement, or arising out of or based upon any omission (or alleged omission)
to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by
the Company of the Securities Act or any rule or regulation promulgated thereunder applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration; and the Company shall promptly reimburse the Holder Indemnified
Party for any legal and any other expenses reasonably incurred by such Holder Indemnified Party in connection with investigating and
defending any such expense, loss, judgment, claim, damage, liability or action; provided, however, that the Company will not be liable
in any such case to the extent that any such expense, loss, claim, damage or liability arises out of or is based upon any untrue statement
or allegedly untrue statement or omission or alleged omission made in such Registration Statement, preliminary prospectus, final prospectus,
or summary prospectus, or any such amendment or supplement, in reliance upon and in conformity with information furnished to the Company,
in writing, by such selling holder expressly for use therein. The Company also shall indemnify any Underwriter of the Registrable Securities,
their officers, affiliates, directors, partners, members and agents and each person who controls such Underwriter on substantially the
same basis as that of the indemnification provided above in this Section 4.1. 

 

4.2 Indemnification
by Holders of Registrable Securities. Each selling holder of Registrable Securities will, in the event that any registration is being
effected under the Securities Act pursuant to this Agreement of any Registrable Securities held by such selling holder, indemnify and
hold harmless the Company, each of its directors and officers and each Underwriter (if any), and each other selling holder and each other
person, if any, who controls another selling holder or such Underwriter within the meaning of the Securities Act, against any losses,
claims, judgments, damages or liabilities, whether joint or several, insofar as such losses, claims, judgments, damages or liabilities
(or actions in respect thereof) arise out of or are based upon any untrue statement or allegedly untrue statement of a material fact
contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act,
any preliminary prospectus, final prospectus or summary prospectus contained in the Registration Statement, or any amendment or supplement
to the Registration Statement, or arise out of or are based upon any omission or the alleged omission to state a material fact required
to be stated therein or necessary to make the statement therein not misleading, if the statement or omission was made in reliance upon
and in conformity with information furnished in writing to the Company by such selling holder expressly for use therein, and shall reimburse
the Company, its directors and officers, and each other selling holder or controlling person for any legal or other expenses reasonably
incurred by any of them in connection with investigation or defending any such loss, claim, damage, liability or action. Each selling
holder’s indemnification obligations hereunder shall be several and not joint and shall be limited to the amount of any net proceeds
actually received by such selling holder. 

 

    	13

    	 

    

 

4.3
Conduct of Indemnification Proceedings. Promptly after receipt by any person of any notice of any loss, claim, damage or liability
or any action in respect of which indemnity may be sought pursuant to Section 4.1 or 4.2, such person (the “Indemnified Party”)
shall, if a claim in respect thereof is to be made against any other person for indemnification hereunder, notify such other person (the
“Indemnifying Party” ) in writing of the loss, claim, judgment, damage, liability or action; provided, however,
that the failure by the Indemnified Party to notify the Indemnifying Party shall not relieve the Indemnifying Party from any liability
which the Indemnifying Party may have to such Indemnified Party hereunder, except and solely to the extent the Indemnifying Party is
actually prejudiced by such failure. If the Indemnified Party is seeking indemnification with respect to any claim or action brought
against the Indemnified Party, then the Indemnifying Party shall be entitled to participate in such claim or action, and, to the extent
that it wishes, jointly with all other Indemnifying Parties, to assume control of the defense thereof with counsel satisfactory to the
Indemnified Party. After notice from the Indemnifying Party to the Indemnified Party of its election to assume control of the defense
of such claim or action, the Indemnifying Party shall not be liable to the Indemnified Party for any legal or other expenses subsequently
incurred by the Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however,
that in any action in which both the Indemnified Party and the Indemnifying Party are named as defendants, the Indemnified Party shall
have the right to employ separate counsel (but no more than one such separate counsel) to represent the Indemnified Party and its controlling
persons who may be subject to liability arising out of any claim in respect of which indemnity may be sought by the Indemnified Party
against the Indemnifying Party, with the fees and expenses of such counsel to be paid by such Indemnifying Party if, based upon the written
opinion of counsel of such Indemnified Party, representation of both parties by the same counsel would be inappropriate due to actual
or potential differing interests between them. No Indemnifying Party shall, without the prior written consent of the Indemnified Party,
consent to entry of judgment or effect any settlement of any claim or pending or threatened proceeding in respect of which the Indemnified
Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such judgment or
settlement includes an unconditional release of such Indemnified Party from all liability arising out of such claim or proceeding. 

 

4.4
Contribution.

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.3 is unavailable to any Indemnified Party in respect of
any loss, claim, damage, liability or action referred to herein, then each such Indemnifying Party, in lieu of indemnifying such
Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such loss, claim, damage,
liability or action in such proportion as is appropriate to reflect the relative fault of the Indemnified Parties and the
Indemnifying Parties in connection with the actions or omissions which resulted in such loss, claim, damage, liability or action, as
well as any other relevant equitable considerations. The relative fault of any Indemnified Party and any Indemnifying Party shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by such Indemnified Party or such Indemnifying Party and
the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission.

 

4.4.2 The
parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 4.4 were determined by pro
rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the
immediately preceding Section 4.4.1.

 

4.4.3
The amount paid or payable by an Indemnified Party as a result of any loss, claim, damage, liability or action referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 4.4, no holder of Registrable Securities shall be required to contribute any amount in excess of the
dollar amount of the net proceeds (after payment of any underwriting fees, discounts, commissions or taxes) actually received by
such holder from the sale of Registrable Securities which gave rise to such contribution obligation. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation.

 

5.
RULE 144.

 

5.1
Rule 144. The Company covenants that it shall file any reports required to be filed by it under the Securities Act and the Exchange
Act and shall take such further action as the holders of Registrable Securities may reasonably request, all to the extent required from
time to time to enable such holders to sell Registrable Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 under the Securities Act, as such Rules may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission. 

 

    	14

    	 

    

 

6.
MISCELLANEOUS.

 

6.1
Other Registration Rights. The Company represents and warrants that, except for the Founder Registration Rights Agreement and
as disclosed in Section 4.5 of the MTA, no person, other than the holders of the Registrable Securities, has any right to require the
Company to register any of the Company’s share capital for sale or to include the Company’s share capital in any registration
filed by the Company for the sale of share capital for its own account or for the account of any other person. 

 

6.2
Assignment; No Third Party Beneficiaries. This Agreement and the rights, duties and obligations of the Company hereunder may not
be assigned or delegated by the Company in whole or in part. This Agreement and the rights, duties and obligations of the holders of
Registrable Securities hereunder may be freely assigned or delegated by such holder of Registrable Securities in conjunction with and
to the extent of any transfer of Registrable Securities by any such holder. This Agreement and the provisions hereof shall be binding
upon and shall inure to the benefit of each of the parties, to the permitted assigns of the Holders or holder of Registrable Securities
or of any assignee of the Holders or holder of Registrable Securities. This Agreement is not intended to confer any rights or benefits
on any persons that are not party hereto other than as expressly set forth in Article 4 and this Section 6.2. 

 

6.3
Notices. All notices, demands, requests, consents, approvals or other communications (collectively, “Notices”
) required or permitted to be given hereunder or which are given with respect to this Agreement shall be in writing and shall be personally
served, delivered by reputable air courier service with charges prepaid, or transmitted by hand delivery, telegram, telex or facsimile,
addressed as set forth below, or to such other address as such party shall have specified most recently by written notice. Notice shall
be deemed given on the date of service or transmission if personally served or transmitted by telegram, telex or facsimile; provided,
that if such service or transmission is not on a business day or is after normal business hours, then such notice shall be deemed given
on the next business day. Notice otherwise sent as provided herein shall be deemed given on the next business day following timely delivery
of such notice to a reputable air courier service with an order for next-day delivery. 

 

To
the Company:

 

Benuvia,
Inc.

3950
N. Mays St.

Round
Rock, TX 78665

Attn:
Jason Roth

Telephone
No.: (561) 801-5551

E-mail:
jason@nextfrontierbrands.com

 

with
a copy to:

 

O’Melveny
& Myers LLP

Two
Embarcadero Center. 28th Floor

San
Francisco, CA 94111

Attn:
Noah Kornblith

Telephone
No.: (415) 984-8832

nkornblith@omm.com

 

    	15

    	 

    

 

and

 

Nelson
Mullins Riley & Scarborough LLP

101 Constitution Avenue, NW, Suite 900

Washington, DC 20001

Attn: Andrew M. Tucker, Esq.

Facsimile No.: (202) 689-2860

Telephone No.: (202) 689-2987

E-mail: andy.tucker@nelsonmullins.com

 

To
an Holder, to the address set forth below such Holder’s name on Exhibit A hereto.

 

6.4
Severability. This 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 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 Agreement a provision
as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable. 

 

6.5
Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which
taken together shall constitute one and the same instrument. 

 

6.6
Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments delivered
pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede all
prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written. 

 

6.7
Modifications and Amendments. No amendment, modification or termination of this Agreement shall be binding upon the Company unless
executed in writing by the Company. No amendment, modification or termination of this Agreement shall be binding upon the holders of
the Registrable Securities unless executed in writing by the holders of the majority Registrable Securities. 

 

6.8
Titles and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement. 

 

6.9
Waivers and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive,
provided that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically
refers to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred.
Any waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any
preceding or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts. 

 

    	16

    	 

    

 

6.10
Remedies Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the Holder or any other holder of Registrable Securities may proceed to protect and enforce its rights by suit
in equity or action at law, whether for specific performance of any term contained in this Agreement or for an injunction against the
breach of any such term or in aid of the exercise of any power granted in this Agreement or to enforce any other legal or equitable right,
or to take any one or more of such actions, without being required to post a bond. None of the rights, powers or remedies conferred under
this Agreement shall be mutually exclusive, and each such right, power or remedy shall be cumulative and in addition to any other right,
power or remedy, whether conferred by this Agreement or now or hereafter available at law, in equity, by statute or otherwise. 

 

6.11
Governing Law. This Agreement shall be governed by, interpreted under, and construed in accordance with the internal laws of the
State of Delaware applicable to agreements made and to be performed within the State of Delaware, without giving effect to any choice-of-law
provisions thereof that would compel the application of the substantive laws of any other jurisdiction. 

 

6.12
Waiver of Trial by Jury. Each party hereby irrevocably and unconditionally waives the right to a trial by jury in any action,
suit, counterclaim or other proceeding (whether based on contract, tort or otherwise) arising out of, connected with or relating to this
Agreement, the transactions contemplated hereby, or the actions of the Holder in the negotiation, administration, performance or enforcement
hereof. 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	17

    	 

    

 

IN
WITNESS WHEREOF, the parties have caused this Registration Rights Agreement to be executed and delivered by their duly authorized representatives
as of the date first written above.

 

	 	COMPANY:
	 	 
	 	PONO
    CAPITAL CORP.
	 	 	                                         
	 	By:	
	 	Name:	
	 	Title:	
	 	 	 
	 	HOLDERS:	 
	 	 
	 	[_______________________]

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