Document:

Exhibit
10.3

 

REGISTRATION
RIGHTS AGREEMENT

 

THIS
REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of [●] by and among (i)
Pono Capital Corp., a Delaware corporation (the “Purchaser”), and (ii) and the undersigned parties listed under
Investor 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, an “Investor” and collectively the “Investors”).
Each of the Purchaser and each Investor may be referred to herein individually as a “Party” and collectively
as the “Parties”.

 

WHEREAS,
on September 7, 2022, Purchaser, Pono Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Purchaser (“Merger
Sub”), Mehana Equity LLC, a Delaware limited liability company (the “Purchaser Representative”),
AERWINS Technologies Inc., a Delaware corporation (the “Company”) and Shuhei Komatsu (“Seller Representative”),
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 Investors, 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 Investors 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
Investors 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 Investors with certain rights relating to the registration of the Merger
Consideration Shares received by the Investors under the Merger Agreement, including any additional Merger Consideration Shares issued
after the Closing pursuant to Section 1.15 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 agree as follows:

 

1.
DEFINITIONS. Any capitalized term used but not
defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement. The following capitalized terms used herein
have the following meanings:

 

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

 

“Closing”
is defined in the recitals to this Agreement.

 

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

 

“Demand
Registration” is defined in Section 2.1.1.

 

    	 

    	 

    

 

“Demanding
Holder” is defined in Section 2.1.1.

 

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

 

“Founder
Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of August 10, 2021, by and among
Purchaser, Purchaser Representative and certain holders listed thereto.

 

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

 

“Indemnified
Party” is defined in Section 4.3.

 

“Indemnifying
Party” is defined in Section 4.3.

 

“Investors”
is defined in the preamble to this Agreement, and includes any transferee of the Registrable Securities (so long as they remain Registrable
Securities) of an Investor permitted under this Agreement and the Lock-Up Agreement.

 

“Investor
Indemnified Party” is defined in Section 4.1.

 

“Lock-Up
Agreement” is defined in the recitals to this Agreement.

 

“Maximum
Number of Securities” is defined in Section 2.1.4.

 

“Merger
Agreement” is defined in the recitals to this Agreement.

 

“Piggy-Back
Registration” is defined in Section 2.2.1.

 

“Pro
Rata” is defined in Section 2.1.4.

 

“Proceeding”
is defined in Section 6.9.

 

“Purchaser”
is defined in the preamble to this Agreement, and shall include Purchaser’s successors by merger, acquisition, reorganization or
otherwise.

 

“Purchaser
Common Stock” means shares of Class A common stock, par value $0.00001 per share, of the Purchaser, and Class B common
stock, par value $0.00001 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.

 

“Register,”
“Registered” and “Registration” mean a registration or offering 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.

 

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“Registrable
Securities” means all of the Merger Consideration Shares and shares of Purchaser Common Stock beneficially owned by the
Investors, including any shares issued after the Closing pursuant to Section 1.15 of the Merger Agreement. Registrable Securities also
include any warrants, capital shares or other securities of Purchaser issued as a dividend, stock split or other distribution with respect
to or in exchange for or in replacement of the foregoing securities or otherwise in connection with a combination of shares, distribution,
recapitalization, merger, consolidation, other reorganization or other similar event with respect to the Purchaser Common Stock. 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 Purchaser and subsequent public
distribution of them shall not require registration under the Securities Act; (c) such securities shall have ceased to be outstanding;
(d) such securities are freely saleable under Rule 144 without volume limitations; or (e) such securities have been sold to, or through,
a broker, dealer or underwriter in a public distribution or other public securities transaction. Notwithstanding anything to the contrary
contained herein, securities shall only be “Registrable Securities” under this Agreement if they are held by an Investor
or a transferee of an Investor permitted under this Agreement and the Lock-Up Agreement.

 

“Registration
Statement” means a registration statement filed by Purchaser with the SEC 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).

 

“Rule
144” means Rule 144 promulgated under the Securities Act or any successor rule thereto.

 

“SEC”
means the United States Securities and Exchange Commission or any successor thereto.

 

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

 

“Short
Form Registration” is defined in Section 2.3.

 

“Specified
Courts” is defined in Section 6.9.

 

“Underwriter”
means 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 Demand
Registration.

 

2.1.1
Request for Registration. Subject to this Section 2.1.1 and Section 2.4, at any time and from time to time
after the Closing, Investors holding a majority-in-interest of the Registrable Securities then issued and outstanding may make a written
demand for registration under the Securities Act of all or part of their Registrable Securities (a “Demand Registration”).
Any demand for a Demand Registration shall specify the number of Registrable Securities proposed to be sold and the intended method(s)
of distribution thereof. Within thirty (30) days following receipt of any request for a Demand Registration, Purchaser will notify all
other Investors holding Registrable Securities of the demand, and each Investor holding Registrable Securities who wishes to include
all or a portion of such Investor’s Registrable Securities in the Demand Registration (each such Investor including shares of Registrable
Securities in such registration, a “Demanding Holder”) shall so notify Purchaser within fifteen (15) days after
the receipt by the Investor of the notice from Purchaser. 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. Purchaser shall not be obligated to effect more than an aggregate of three (3) Demand Registrations under this Section
2.1.1 in respect of all Registrable Securities.

 

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2.1.2
Effective Registration. A Registration will not count as a Demand Registration until the Registration Statement filed with
the SEC with respect to such Demand Registration has been declared effective and Purchaser has complied in all material respects with
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 SEC 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 with such Registration and accordingly notify Purchaser
in writing, but in no event later than five (5) days, of such election; provided, further, that Purchaser 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.

 

2.1.3
Underwritten Offering. If a majority-in-interest of the Demanding Holders so elect and advise Purchaser 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 Demanding Holder to include its Registrable Securities in such registration
shall be conditioned upon such Demanding Holder’s participation in such underwritten offering and the inclusion of such Demanding
Holder’s Registrable Securities in the underwritten offering to the extent provided herein. All Demanding Holders proposing to
distribute their Registrable Securities through such underwritten offering shall enter into an underwriting agreement in customary form
with the Underwriter or Underwriters selected for such underwritten offering by a majority-in-interest of the Investors initiating the
Demand Registration and reasonably acceptable to Purchaser.

 

2.1.4
Reduction of Offering. If the managing Underwriter or Underwriters for a Demand Registration that is to be an underwritten
offering, in good faith, advises Purchaser and the Demanding Holders in writing that the dollar amount or number of Registrable Securities
which the Demanding Holders desire to sell, taken together with all other shares of Purchaser Common Stock or other securities which
Purchaser desires to sell and the shares of Purchaser Common Stock or other securities, if any, as to which Registration by Purchaser
has been requested pursuant to written contractual piggy-back registration rights held by other security holders of Purchaser 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 securities, as applicable, the “Maximum Number of Securities”), then Purchaser
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 for the account of any Persons who have exercised demand registration rights pursuant to the Founder
Registration Rights Agreement during the period under which the Demand Registration hereunder is ongoing (all pro rata in accordance
with the number of securities that each applicable Person has requested be included in such registration, regardless of the number of
securities held by each such Person, as long as they do not request to include more securities than they own (such proportion is referred
to herein as “Pro Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i) the Registrable Securities of
Investors as to which registration has been requested pursuant to Section 2.2 and the Founder Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights of the Founder Registration Rights Agreement,
Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration, that
can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser desires
to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum Number of
Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other securities
for the account of other Persons that Purchaser is obligated to register pursuant to written contractual arrangements with such Persons
that can be sold without exceeding the Maximum Number of Securities. In the event that Purchaser securities that are convertible into
shares of Purchaser Common Stock are included in the offering, the calculations under this Section 2.1.4 shall include such Purchaser
securities on an as-converted to Purchaser Common Stock basis.

 

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2.1.5
Withdrawal. A Demanding Holder may withdraw all or any portion of their Registrable Securities included in a Demand Registration
from such Demand Registration at any time prior to the effectiveness of the Demand Registration Statement. If a majority-in-interest
of the Demanding Holders disapprove of the terms of any underwritten offering 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 Purchaser and the Underwriter or Underwriters of their request to withdraw prior to the effectiveness of the Registration Statement
filed with the SEC 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 in such event, then such registration shall not count as a Demand Registration provided for
in Section 2.1.

 

2.2
Piggy-Back Registration.

 

2.2.1
Piggy-Back Rights. Subject to Section 2.4, if at any time after the Closing Purchaser proposes to file a Registration
Statement under the Securities Act with respect to the Registration of or an offering of equity securities, or securities or other obligations
exercisable or exchangeable for, or convertible into, equity securities, by Purchaser for its own account or for security holders of
Purchaser for their account (or by Purchaser and by security holders of Purchaser including pursuant to Section 2.1), other than
a Registration Statement (i) filed in connection with any employee share option or other benefit plan, (ii) for an exchange offer or
offering of securities solely to Purchaser’s existing security holders, (iii) for an offering of debt that is convertible into
equity securities of Purchaser, or (iv) for a dividend reinvestment plan, then Purchaser shall (x) give written notice of such proposed
filing to Investors holding Registrable Securities as soon as practicable but in no event less than ten (10) days before the anticipated
filing date or confidential submission date, which notice shall describe the amount and type of securities to be included in such Registration
or 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 Investors holding Registrable Securities in such notice the opportunity to register the sale of such number
of Registrable Securities as such Investors may request in writing within five (5) days following receipt of such notice (a “Piggy-Back
Registration”). To the extent permitted by applicable securities laws with respect to such registration by Purchaser or
another demanding security holder, Purchaser shall use its commercially reasonable efforts to cause (i) such Registrable Securities to
be included in such registration and (ii) 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 Purchaser and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of
distribution thereof. All Investors holding 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.

 

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2.2.2
Reduction of Offering. If the managing Underwriter or Underwriters for a Piggy-Back Registration that is to be an underwritten
offering, in good faith, advises Purchaser and Investors holding Registrable Securities proposing to distribute their Registrable Securities
through such Piggy-Back Registration in writing that the dollar amount or number of shares of Purchaser Common Stock or other Purchaser
securities which Purchaser desires to sell, taken together with the shares of Purchaser Common Stock or other Purchaser securities, if
any, as to which registration has been demanded pursuant to written contractual arrangements with Persons other than the Investors holding
Registrable Securities hereunder, the Registrable Securities as to which registration has been requested under this Section 2.2,
and the shares of Purchaser Common Stock or other Purchaser securities, if any, as to which registration has been requested pursuant
to the written contractual piggy-back registration rights of other security holders of Purchaser, exceeds the Maximum Number of Securities,
then Purchaser shall include in any such registration:

 

(a) If
the registration is undertaken for Purchaser’s account: (i) first, the shares of Purchaser Common Stock or other securities that
Purchaser desires to sell that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Investors as to which registration
has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration has been requested pursuant
to the applicable written contractual piggy-back registration rights under the Founder Registration Rights Agreement, Pro Rata among
the holders thereof based on the number of securities requested by such holders to be included in such registration, that can be sold
without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other equity securities for the account of
other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements with such Persons that can
be sold without exceeding the Maximum Number of Securities;

 

(b) If
the registration is a “demand” registration undertaken at the demand of Demanding Holders pursuant to Section 2.1:
(i) first, the shares of Purchaser Common Stock or other securities for the account of the Demanding Holders and the Founder Securities
for the account of any Persons who have exercised demand registration rights pursuant to the Founder Registration Rights Agreement during
the period under which the Demand Registration hereunder is ongoing, Pro Rata among the holders thereof based on the number of securities
requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities
of Investors as to which registration has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights
Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration,
that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser
desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other
equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements
with such Persons that can be sold without exceeding the Maximum Number of Securities;

 

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(c) If
the registration is a “demand” registration undertaken at the demand of holders of Founder Securities under the Founder Registration
Rights Agreement: (i) first, the Founder Securities for the account of the demanding holders and the Registrable Securities for the account
of Demanding Holders who have exercised demand registration rights pursuant to Section 2.1 during the period under which the demand
registration under the Founder Registration Rights Agreement is ongoing, Pro Rata among the holders thereof based on the number of securities
requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (ii)
second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), the Registrable Securities
of Investors as to which registration has been requested pursuant to this Section 2.2 and the Founder Securities as to which registration
has been requested pursuant to the applicable written contractual piggy-back registration rights under the Founder Registration Rights
Agreement, Pro Rata among the holders thereof based on the number of securities requested by such holders to be included in such registration,
that can be sold without exceeding the Maximum Number of Securities; (iii) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i) and (ii), the shares of Purchaser Common Stock or other securities that Purchaser
desires to sell that can be sold without exceeding the Maximum Number of Securities; and (iv) fourth, to the extent that the Maximum
Number of Securities has not been reached under the foregoing clauses (i), (ii) and (iii), the shares of Purchaser Common Stock or other
equity securities for the account of other Persons that Purchaser is obligated to register pursuant to separate written contractual arrangements
with such Persons that can be sold without exceeding the Maximum Number of Securities; and

 

(d) If
the registration is a “demand” registration undertaken at the demand of Persons other than either Demanding Holders under
Section 2.1 or the holders of Founder Securities exercising demand registration rights under the Founder Registration Rights Agreement:
(i) first, the shares of Purchaser Common Stock or other securities for the account of the demanding Persons that can be sold without
exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clause (i) the Registrable Securities of Investors as to which registration has been requested pursuant to this Section
2.2 and the Founder Securities as to which registration has been requested pursuant to the applicable written contractual piggy-back
registration rights under the Founder Registration Rights Agreement, Pro Rata among the holders thereof based on the number of securities
requested by such holders to be included in such registration, that can be sold without exceeding the Maximum Number of Securities; (iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares
of Purchaser Common Stock or other securities that Purchaser desires to sell that can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i),
(ii) and (iii), the shares of Purchaser Common Stock or other equity securities for the account of other Persons that Purchaser is obligated
to register pursuant to separate written contractual arrangements with such Persons that can be sold without exceeding the Maximum Number
of Securities.

 

In
the event that Purchaser securities that are convertible into shares of Purchaser Common Stock are included in the offering, the calculations
under this Section 2.2.2 shall include such Purchaser securities on an as-converted to Purchaser Common Stock basis.

 

2.2.3
Withdrawal. Any Investor holding Registrable Securities may elect to withdraw such Investor’s request for inclusion of Registrable
Securities in any Piggy-Back Registration by giving written notice to Purchaser of such request to withdraw prior to the effectiveness
of the Registration Statement. Purchaser (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 without any liability to the applicable Investor, subject to the next sentence and the provisions of Section 4. Notwithstanding
any such withdrawal, Purchaser shall pay all expenses incurred in connection with such Piggy-Back Registration as provided in Section
3.3 (subject to the limitations set forth therein) by Investors holding Registrable Securities that requested to have their Registrable
Securities included in such Piggy-Back Registration.

 

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2.3
Short Form Registrations. After the Closing, subject to Section 2.4, Investors holding Registrable Securities may
at any time and from time to time, request in writing that Purchaser 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 and applicable to such Investor’s Registrable
Securities (“Short Form Registration”); provided, however, that Purchaser shall not be obligated to effect
such request through an underwritten offering. Upon receipt of such written request, Purchaser will promptly give written notice of the
proposed registration to all other Investors holding Registrable Securities, and, as soon as practicable thereafter, effect the registration
of all or such portion of such Investors’ Registrable Securities as are specified in such request, together with all or such portion
of the Registrable Securities, if any, of any other Investors joining in such request as are specified in a written request given within
fifteen (15) days after receipt of such written notice from Purchaser; provided, however, that Purchaser shall not be obligated to effect
any such registration pursuant to this Section 2.3: (i) if Short Form Registration is not available to Purchaser for such offering;
or (ii) if Investors holding Registrable Securities, together with the holders of any other securities of Purchaser 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.

 

2.4 Restriction
of Offerings. Notwithstanding anything to the contrary contained in this Agreement, the Investors shall not be entitled to request,
and Purchaser shall not be obligated to effect, or to take any action to effect, any registration (including any Demand Registration
but not including Piggy-Back Registration) pursuant to this Section 2 with respect to any Registrable Securities that are subject
to the transfer restrictions under the Lock-Up Agreement.

 

3. REGISTRATION
PROCEDURES.

 

3.1
Filings; Information. Whenever Purchaser is required to effect the registration of any Registrable Securities pursuant
to Section 2, Purchaser shall use its commercially reasonable 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. Purchaser shall use its commercially reasonable 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 SEC a Registration Statement
on any form for which Purchaser then qualifies or which counsel for Purchaser 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 reasonable efforts to cause such Registration Statement to become effective and use its reasonable efforts to keep
it effective for the period required by Section 3.1.3; provided, however, that Purchaser shall have the right to
defer any Demand Registration for up to sixty (60) 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 Purchaser shall furnish to Investors requesting
to include their Registrable Securities in such registration a certificate signed by the Chief Executive Officer, Chief Financial Officer
or Chairman of Purchaser stating that, in the good faith judgment of the Board of Directors of Purchaser, it would be materially detrimental
to Purchaser and its shareholders for such Registration Statement to be effected at such time or the filing would require premature disclosure
of material information which is not in the interests of Purchaser to disclose at such time; provided further, however, that Purchaser
shall not have the right to exercise the right set forth in the immediately preceding proviso more than twice in any 365-day period in
respect of a Demand Registration hereunder.

 

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3.1.2
Copies. Purchaser shall, prior to filing a Registration Statement or prospectus, or any amendment or supplement thereto, furnish
without charge to Investors holding Registrable Securities included in such registration, and such Investors’ 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 Investors holding Registrable Securities included in such registration or legal
counsel for any such Investors may request in order to facilitate the disposition of the Registrable Securities owned by such Investors.

 

3.1.3
Amendments and Supplements. Purchaser shall prepare and file with the SEC 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 or until such time as the Registrable Securities cease to be Registrable
Securities as defined by this Agreement.

 

3.1.4
Reporting Obligations. As long as any Investors shall own Registrable Securities, the Purchaser, at all times while it shall be
a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable
grace period) all reports required to be filed by the Purchaser after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Investors with true and complete copies of all such filings; provided that any documents publicly filed
or furnished with the SEC pursuant to the Electronic Data Gathering, Analysis and Retrieval System shall be deemed to have been furnished
or delivered to the Investors pursuant to this Section 3.1.4.

 

3.1.5
Other Obligations. In connection with a sale or transfer of Registrable Securities exempt from Section 5 of the Securities Act
or through any broker-dealer transactions described in the plan of distribution set forth within the prospectus included in the Registration
Statement, the Purchaser shall, subject to the receipt of the any customary documentation reasonably required from the applicable Investors
in connection therewith, (a) promptly instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities
being sold or transferred and (b) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent in connection
with the instruction under subclause (a). In addition, the Purchaser shall cooperate reasonably with, and take such customary actions
as may reasonably be requested by the Investors, in connection with the aforementioned sales or transfers.

 

    	9

     

    

 

3.1.4
Notification. After the filing of a Registration Statement, Purchaser shall promptly, and in no event more than five (5) Business
Days after such filing, notify Investors holding Registrable Securities included in such Registration Statement of such filing, and shall
further notify such Investors promptly and confirm such advice in writing in all events within five (5) Business Days after 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 SEC of any stop order (and Purchaser 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 SEC 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
Investors holding Registrable Securities included in such Registration Statement any such supplement or amendment; except that before
filing with the SEC a Registration Statement or prospectus or any amendment or supplement thereto, including documents incorporated by
reference, Purchaser shall furnish to Investors holding Registrable Securities included in such Registration Statement and to the legal
counsel for any such Investors, copies of all such documents proposed to be filed sufficiently in advance of filing to provide such Investors
and legal counsel with a reasonable opportunity to review such documents and comment thereon; provided that such Investors and their
legal counsel must provide any comments promptly (and in any event within five (5) Business Days) after receipt of such documents.

 

3.1.5
State Securities Laws Compliance. Purchaser shall use its reasonable 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 Investors holding Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may reasonably 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 Purchaser and do any and all other acts and things that may be necessary or advisable to enable Investors holding Registrable Securities
included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided,
however, that Purchaser 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 take any action to which it would be subject to general service of process or to taxation
in any such jurisdiction where it is not then otherwise subject.

 

3.1.6
Agreements for Disposition. To the extent required by the underwriting agreement or similar agreements, Purchaser shall
enter into reasonable 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 Purchaser 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 Investors holding Registrable Securities included in such Registration
Statement. No Investor holding 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 Investor’s organization, good standing,
authority, title to Registrable Securities, lack of conflict of such sale with such Investor’s material agreements and organizational
documents, and with respect to written information relating to such Investor that such Investor has furnished in writing expressly for
inclusion in such Registration Statement.

 

3.1.7
Cooperation. The principal executive officer of Purchaser, the principal financial officer of Purchaser, the principal
accounting officer of Purchaser and all other officers and members of the management of Purchaser shall reasonably cooperate in any offering
of Registrable Securities hereunder, which cooperation shall include 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 investors.

 

3.1.8
Records. Purchaser shall make available for inspection by Investors holding 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 Investor holding Registrable Securities included in such Registration Statement or any Underwriter, all
financial and other records, pertinent corporate documents and properties of Purchaser, as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause Purchaser’s officers, directors and employees to supply all information
reasonably requested by any of them in connection with such Registration Statement; provided that Purchaser may require execution of
a reasonable confidentiality agreement prior to sharing any such information.

 

    	10

     

    

 

3.1.9
Opinions and Comfort Letters. Purchaser shall obtain from its counsel and accountants to provide customary legal opinions
and customary comfort letters, to the extent so reasonably required by any underwriting agreement.

 

3.1.10
Earnings Statement. Purchaser shall comply with all applicable rules and regulations of the SEC and the Securities Act, and make
available to its shareholders if reasonably required, as soon as reasonably 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. Purchaser shall use its commercially reasonable efforts to cause all Registrable Securities that are shares of
Purchaser Common Stock included in any registration to be listed on such national security exchange as similar securities issued by Purchaser
are then listed or, if no such similar securities are then listed, in a manner satisfactory to Investors holding a majority-in-interest
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,
Purchaser shall use its reasonable efforts to make available senior executives of Purchaser 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 Purchaser of the happening of any event of the kind
described in Section 3.1.4(iv), or in the event that the financial statements contained in the Registration Statement become stale,
or in the event that the Registration Statement or prospectus included therein contains a misstatement of material fact or omits to state
a material fact due to a bona fide business purpose, or, in the case of a resale registration on Short Form Registration pursuant to
Section 2.3 hereof, upon any suspension by Purchaser, pursuant to a written insider trading compliance program adopted by Purchaser’s
Board of Directors, of the ability of all “insiders” covered by such program to transact in Purchaser’s securities
because of the existence of material non-public information, each Investor holding 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 Investor receives the supplemented or amended prospectus contemplated by Section 3.1.4(iv) or the Registration
Statement is updated so that the financial statements are no longer stale, or the restriction on the ability of “insiders”
to transact in Purchaser’s securities is removed, as applicable, and, if so directed by Purchaser, each such Investor will deliver
to Purchaser all copies, other than permanent file copies then in such Investor’s possession, of the most recent prospectus covering
such Registrable Securities at the time of receipt of such notice.

 

    	11

     

    

 

3.3
Registration Expenses. Subject to Section 4, Purchaser shall bear all reasonable costs and expenses incurred in connection
with any Demand Registration pursuant to Section 2.1, any Piggy-Back Registration pursuant to Section 2.2, and any registration
on Short Form Registration effected pursuant to Section 2.3, and all reasonable expenses incurred in performing or complying with
its other obligations under this Agreement, whether or not the Registration Statement becomes effective, including: (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) Purchaser’s
internal expenses (including all salaries and expenses of its officers and employees); (v) the fees and expenses incurred in connection
with the listing of the Registrable Securities as required by Section 3.1.11; (vi) Financial Industry Regulatory Authority fees;
(vii) fees and disbursements of counsel for Purchaser and fees and expenses for independent certified public accountants retained by
Purchaser (including the expenses or costs associated with the delivery of any opinions or comfort letters requested pursuant to Section
3.1.9); (viii) the reasonable fees and expenses of any special experts retained by Purchaser in connection with such registration
and (ix) the reasonable fees and expenses of one legal counsel selected by Investors holding a majority-in-interest of the Registrable
Securities included in such registration for such legal counsel’s review, comment and finalization of the proposed Registration
Statement and other relevant documents. Purchaser 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, only if the Underwriters require the selling security holders and/or Purchaser
to bear the expenses of the Underwriter following good faith negotiations, all selling security holders and Purchaser shall bear the
expenses of the Underwriter pro rata in proportion to the respective amount of securities each is selling in such offering.

 

3.4
Information. Investors holding Registrable Securities included in any Registration Statement shall provide such information
as may reasonably be requested by Purchaser, or the managing Underwriter, if any, in connection with the preparation of such 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 obligation to comply with federal and applicable state securities
laws. Investors selling Registrable Securities in any offering must provide all questionnaires, powers of attorney, custody agreements,
stock powers, and other documentation reasonably requested by Purchaser or the managing Underwriter.

 

4. INDEMNIFICATION
AND CONTRIBUTION.

 

4.1
Indemnification by Purchaser. Subject to the provisions of this Section 4.1, Purchaser agrees to indemnify and hold
harmless each Investor, and each Investor’s officers, employees, affiliates, directors, partners, members, attorneys and agents,
and each Person, if any, who controls an Investor (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange
Act) (each, an “Investor 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 or alleged 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 Purchaser of the Securities Act or any rule or regulation
promulgated thereunder applicable to Purchaser and relating to action or inaction required of Purchaser in connection with any such registration
(provided, however, that the indemnity agreement contained in this Section 4.1 shall not apply to amounts paid in settlement of
any such claim, loss, damage, liability or action if such settlement is effected without the consent of Purchaser, such consent not to
be unreasonably withheld, delayed or conditioned); and Purchaser shall promptly reimburse the Investor Indemnified Party for any legal
and any other expenses reasonably incurred by such Investor Indemnified Party in connection with investigating and defending any such
expense, loss, judgment, claim, damage, liability or action; provided, however, that Purchaser 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 or alleged
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 Purchaser, in writing,
by such selling holder or Investor Indemnified Party expressly for use therein. Purchaser 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.

 

    	12

     

    

 

4.2
Indemnification by Holders of Registrable Securities. Subject to the provisions of this Section 4.2, each Investor selling
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 Investor, indemnify and hold harmless Purchaser, 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 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 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 Purchaser by such selling Investor expressly
for use therein (provided, however, that the indemnity agreement contained in this Section 4.2 shall not apply to amounts paid
in settlement of any such claim, loss, damage, liability or action if such settlement is effected without the consent of the indemnifying
Investor, such consent not to be unreasonably withheld, delayed or conditioned), and shall reimburse Purchaser, its directors and officers,
each Underwriter 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 Investor’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 Investor in the applicable offering.

 

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 Section 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 if the Indemnifying Party provides notice of such to the Indemnified Party within thirty (30) days
of the Indemnifying Party’s receipt of notice of such claim. 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 (acting reasonably), 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.

 

    	13

     

    

 

4.4 Contribution.

 

4.4.1 If
the indemnification provided for in the foregoing Sections 4.1, 4.2 and 4.4 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 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, no Investor holding 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 Investor from the sale of
Registrable Securities which gave rise to such contribution obligation. Any contributions obligation of the Investors shall be several
and not joint. 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 AND 145.

 

5.1 Rule
144 and 145. Purchaser 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 Investors holding Registrable Securities may reasonably request, all to the extent required
from time to time to enable such Investors to sell Registrable Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 and 145 under the Securities Act, as such Rule 144 and 145 may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC.

 

    	14

     

    

 

6. MISCELLANEOUS.

 

6.1
Other Registration Rights. Purchaser represents and warrants that as of the date of this Agreement, no Person, other than
the holders of (i) Registrable Securities and (ii) Founder Securities, has any right to require Purchaser to register any of Purchaser’s
share capital for sale or to include Purchaser’s share capital in any registration filed by Purchaser 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 Purchaser hereunder
may not be assigned or delegated by Purchaser in whole or in part, unless Purchaser first provides Investors holding Registrable Securities
at least ten (10) Business Days prior written notice; provided that no assignment or delegation by Purchaser will relieve Purchaser of
its obligations under this Agreement unless Investors holding a majority-in-interest of the Registrable Securities provide their prior
written consent, which consent must not be unreasonably withheld, delayed or conditioned. This Agreement and the rights, duties and obligations
of Investors holding Registrable Securities hereunder may be freely assigned or delegated by such Investor in conjunction with and to
the extent of any transfer of Registrable Securities by such Investor which is permitted by the Lock-Up Agreement; provided that no assignment
by any Investor of its rights, duties and obligations hereunder shall be binding upon or obligate Purchaser unless and until Purchaser
shall have received (i) written notice of such assignment and (ii) the written agreement of the assignee, in a form reasonably satisfactory
to Purchaser, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder
to this Agreement). 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 Investors or of any assignee of the Investors. 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 Section 4 and this Section 6.2.

 

6.3
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 prior to the Closing to:

                                                          

    Pono
Capital Corp.

    643
Ilalo Street

    Honolulu,
Hawaii 96813

    Attn:
Dustin Shindo

    Telephone
No.: (808) 892-6611

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

    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

	 	 
	If
                                            to the Purchaser Representative, to:

     

    Mehana
    Equity LLC

    4348
    Waialae Ave, #632

    Honolulu,
    Hawaii 96816

    Attn:
    Dustin Shindo

    Telephone
    No.: (808) 892-6611

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

     

    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

	 	 
	If
                                            to the Company prior to the Closing to:

                                                          

    AERWINS
Technologies Inc.

    Attn:
Shuhei Komatsu, CEO

    600
N Broad Street, Suite 5 #529

    Middletown,
Delaware 19709

    E-mail:
    shuhei.komatsu@ali.jp
	With
                                            a copy (which will not constitute notice) to:

     

    Anthony
    L.G., PLLC

    Attn:
    Laura Anthony

    625
    N. Flagler Drive, Suite 600

    West
    Palm Beach, FL 33401

    Facsimile
    No.: (561) 514-0832

    E-mail:
Lanthony@anthonypllc.com

 

    	15

     

    

 

	If
                                            to the Purchaser or the Company after the Closing, to:

     

    Aerwins
    Technologies Inc.

    Attn:
    Shuhei Komatsu, CEO

    600
    N Broad Street, Suite 5 #529

    Middletown,
    Delaware 19709

    E-mail:
    shuhei.komatsu@ali.jp

     
	with
                                            a copy (which shall not constitute notice) to:

                                                          

    Anthony
    L.G., PLLC

    Attn:
    Laura Anthony

    625
    N. Flagler Drive, Suite 600

    West
    Palm Beach, FL 33401

    Facsimile
    No.: (561) 514-0832

    E-mail:
    Lanthony@anthonypllc.com

	 	 
	If
                                            to the Seller Representative, to:

     

    Shuhei
Komatsu

    600
N Broad Street, Suite 5 #529

    Middletown,
Delaware 19709

    Telephone
No.:

    E-mail:
    shuhei.komatsu@ali.jp
	With
                                            a copy (which shall not constitute notice) to:

     

    Anthony
    L.G., PLLC

    Attn:
    Laura Anthony

    625
    N. Flagler Drive, Suite 600

    West
    Palm Beach, FL 33401

    Facsimile
    No.: (561) 514-0832

    E-mail:
    Lanthony@anthonypllc.com

 

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 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. Notwithstanding anything
to the contrary contained in this Agreement, in the event that a duly executed copy of this Agreement is not delivered to Purchaser by
a Person receiving Merger Consideration Shares in connection with the Closing, such Person failing to provide such signature shall not
be a party to this Agreement or have any rights or obligations hereunder, but such failure shall not affect the rights and obligations
of the other Parties to this Agreement as amongst such other Parties.

 

6.5
Entire Agreement. This Agreement (together with the Merger Agreement, and the Lock-Up Agreement to the extent incorporated
herein, and including all agreements entered into pursuant hereto or thereto or referenced herein or therein and all certificates and
instruments delivered pursuant hereto and thereto) constitutes the entire agreement of the Parties with respect to the subject matter
hereof and supersedes all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between
the Parties, whether oral or written, relating to the subject matter hereof; provided, that, for the avoidance of doubt, the foregoing
shall not affect the rights and obligations of the Parties under the Merger Agreement or any other Ancillary Document or the rights or
obligations of the Parties under the Founder Registration Rights Agreement.

 

    	16

     

    

 

6.6
Interpretation. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction
of any provision of this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement
shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include
the plural and vice versa; (ii) “including” (and with correlative meaning “include”) means including without
limiting the generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words
“without limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words
of similar import in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular section
or other subdivision of this Agreement; and (iv) the term “or” means “and/or”. The Parties have participated
jointly in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation
arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring
or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

 

6.7
Amendments; Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written agreement or consent
of Purchaser (after the Closing, following approval of such amendment by a majority of the directors of Purchaser who are deemed to be
“independent” directors pursuant to the applicable rules of Nasdaq and the SEC) and Investors holding a majority-in-interest
of the Registrable Securities; provided, that any amendment or waiver of this Agreement which affects an Investor in a manner materially
and adversely disproportionate to other Investors will also require the consent of such Investor. No failure or delay by a Party in exercising
any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement,
in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

6.8
Remedies Cumulative. In the event a Party fails to observe or perform any covenant or agreement to be observed or performed
under this Agreement, the other Parties 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.

 

6.9
Governing Law; Jurisdiction. Sections 10.4 and 10.5 of the Merger Agreement shall apply to this Agreement mutatis mutandis,
with any reference therein to the “Agreement” being a reference to this Agreement and any reference to a “Party”
therein being a reference to any “Party” to this Agreement.

 

6.10 Termination
of Merger Agreement. This Agreement shall be binding upon each Party upon such Party’s execution and delivery of this Agreement
at the Closing, and this Agreement shall only become effective upon the Closing.

 

6.11
Counterparts. This Agreement may be executed in multiple counterparts (including by facsimile or pdf or other electronic
document transmission), each of which shall be deemed an original, and all of which taken together shall constitute one and the same
instrument. Copies of executed counterparts of this Agreement transmitted by electronic transmission (including by email or in .pdf format)
or facsimile as well as electronically or digitally executed counterparts (such as DocuSign) shall have the same legal effect as original
signatures and shall be considered original executed counterparts of this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURE PAGES FOLLOW]

 

    	17

     

    

 

IN
WITNESS WHEREOF, the Parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written
above.

 

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

 

[Signature
Page to Seller Registration Rights Agreement]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties have caused this Registration Rights Agreement to be executed and delivered as of the date first written
above.

 

	 	Investors:
	 	 	 
	 	[______________]
	 	 	 
	 	By:	
	 	Name:	                  
	 	Title:	   
	 	 	 
	 	[______________] 
	 	 	 
	 	By:	
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Registration Rights Agreement]Exhibit
10.4

 

PURCHASER
SUPPORT AGREEMENT

 

This
PURCHASER SUPPORT AGREEMENT, dated as of September 7, 2022 (this “Agreement”), by and among MEHANA EQUITY LLC (“Supporter”),
Pono Capital Corp, Inc., a Delaware corporation (“Purchaser”), and AERWINS Technologies Inc. (the “Company”).
Terms used but not defined in this Agreement shall have the meanings ascribed to them in the Merger Agreement (as defined below).

 

WHEREAS,
contemporaneously with the execution of this Agreement, Purchaser, the Company, Pono Merger Sub, Inc., a Delaware corporation and a wholly-owned
subsidiary of the Purchaser (“Merger Sub”), and certain other persons are entering into that certain Agreement and
Plan of Merger (the “Merger Agreement”), a copy of which has been made available to Supporter and pursuant to which,
subject to the terms and conditions thereof, 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,
as of the date hereof, Supporter owns 2,890,000 shares of Purchaser Common Stock (all such shares of Purchaser Common Stock and any shares
of Purchaser Common Stock of which ownership of record or the power to vote is hereafter acquired by Supporter prior to the termination
of this Agreement being referred to herein as the “Shares”); and

 

WHEREAS,
in order to induce the Company and Purchaser to enter into the Merger Agreement, Supporter is executing and delivering this Agreement
to the Company.

 

NOW,
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally
bound hereby, Supporter, the Company, and Purchaser hereby agree as follows:

 

1.
Agreement to Vote. Supporter, with respect to the Shares, hereby agrees (and agrees to execute such documents or certificates
evidencing such agreement as Purchaser and/or the Company may reasonably request in connection therewith) to vote at any meeting of the
stockholders of Purchaser, and in any action by written consent of the stockholders of Purchaser, to approve the Merger Agreement, all
of the Shares (a) in favor of the approval and adoption of the Merger Agreement, the transactions contemplated by the Merger Agreement
and this Agreement, (b) in favor of any other matter reasonably necessary to the consummation of the transactions contemplated by the
Merger Agreement and considered and voted upon by the stockholders of Purchaser (including the Purchaser Stockholder Approval Matters),
(c) in favor of the approval and adoption of the Incentive Plan, (d) for the appointment, and designation of classes, of the members
of the Post-Closing Purchaser Board and (e) against any action, agreement or transaction (other than the Merger Agreement or the transactions
contemplated thereby) or proposal that would result in a breach of any covenant, representation or warranty or any other obligation or
agreement of Purchaser or Merger Sub under the Merger Agreement or that would reasonably be expected to result in the failure of the
transactions contemplated by the Merger Agreement from being consummated. Supporter acknowledges receipt and review of a copy of the
Merger Agreement.

 

    	 

     

    

 

2.
Transfer of Shares. Supporter agrees that it shall not, directly or indirectly, except as otherwise contemplated pursuant to the
Merger Agreement, (a) sell, assign, transfer (including by operation of law), redeem, lien, pledge, distribute, dispose of or otherwise
encumber any of the Shares or otherwise agree to do any of the foregoing (unless the transferee agrees to be bound by this Agreement),
(b) deposit any Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with
respect thereto that is inconsistent with this Agreement, (c) enter into any contract, option or other arrangement or undertaking with
respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law), redemption or other disposition
of any Shares (unless the transferee agrees to be bound by this Agreement) or (d) take any action that would have the effect of preventing
or disabling Supporter from performing its obligations hereunder.

 

3.
Waiver. Supporter hereby waives (and agrees to execute such documents or certificates evidencing such waiver as Purchaser and/or
the Company may reasonably request) any adjustment to the conversion ratio set forth in the Purchaser Certificate of Incorporation or
any other anti-dilution or similar protection with respect to the Shares (whether resulting from the transactions contemplated hereby,
by the Merger Agreement or any Ancillary Document or by any other transaction consummated in connection with the transactions contemplated
hereby and thereby).

 

4.
Representations and Warranties. Supporter represents and warrants for and on behalf of itself to Purchaser and the Company as
follows:

 

(a)
The execution, delivery and performance by Supporter of this Agreement and the consummation by Supporter of the transactions contemplated
hereby do not and will not (i) conflict with or violate any Law or Order applicable to Supporter, (ii) require any consent, approval
or authorization of, declaration, filing or registration with, or notice to, any person or entity, (iii) result in the creation of any
Lien on any Shares (other than pursuant to this Agreement or transfer restrictions under applicable securities laws or the Organizational
Documents of Supporter) or (iv) conflict with or result in a breach of or constitute a default under any provision of Supporter’s
Organizational Documents.

 

(b)
Supporter owns of record and has good, valid and marketable title to the Shares free and clear of any Lien (other than pursuant to this
Agreement or transfer restrictions under applicable securities Laws or the Organizational Documents of Supporter) and has the sole power
(as currently in effect) to vote and has the full right, power and authority to sell, transfer and deliver such Shares, and Supporter
does not own, directly or indirectly, any other Shares.

 

(c)
Supporter has the power, authority and capacity to execute, deliver and perform this Agreement and that this Agreement has been duly
authorized, executed and delivered by Supporter.

 

5.
Termination. This Agreement and the obligations of Supporter under this Agreement shall automatically terminate upon the earliest
of: (a) the Effective Time; (b) the termination of the Merger Agreement in accordance with its terms; and (c) the mutual agreement of
the Company and Purchaser. Upon termination or expiration of this Agreement, no party shall have any further obligations or liabilities
under this Agreement; provided, however, such termination or expiration shall not relieve any party from liability for any willful breach
of this Agreement occurring prior to its termination.

 

    	2

     

    

 

6.
Miscellaneous.

 

(a)
Except as otherwise provided herein or in the Merger Agreement or any Ancillary Document, all costs and expenses incurred in connection
with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or
not the transactions contemplated hereby are consummated.

 

(b)
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered or certified mail (postage prepaid,
return receipt requested) to the respective parties at the following addresses (or at such other address for a party as shall be specified
in a notice given in accordance with this Section 5 (b)):

 

If
to Purchaser:

 

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 to:

 

Nelson
Mullins Riley & Scarborough LLP

101
Constitution Ave NW, Suite 900

Washington,
DC 20001

Attention:
E. Peter Strand

Telephone:
(202) 689-2983

Email:
Peter.strand@nelsonmullins.com

 

If
to the Company, to:

 

AERWINS
Technologies Inc.

Attn:
Shuhei Komatsu, CEO

600
N Broad Street, Suite 5 #529

Middletown,
Delaware 19709

Telephone
No.:

E-mail: shuhei.komatsu@ali.jp

 

with
a copy to:

 

Anthony
L.G., PLLC

Attn:
Laura Anthony

625
N. Flagler Drive, Suite 600

West
Palm Beach, FL 33401

Facsimile
No.: (561) 514-0832

Telephone No.: (561) 514-0936

E-mail: Lanthony@anthonypllc.com

 

    	3

     

    

 

(c)
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public policy,
all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith
to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in
order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

 

(d)
This Agreement, the Merger Agreement and the Ancillary Documents constitute the entire agreement among the parties with respect to the
subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them,
with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or
otherwise).

 

(e)
This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or
implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason
of this Agreement.

 

(f)
The parties hereto agree that irreparable damage may occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy
at law or in equity. Each of the parties agrees that it shall not oppose the granting of an injunction, specific performance and other
equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the other parties have an adequate
remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity. Any party seeking an
injunction or injunctions to prevent breaches or threatened breaches of, or to enforce compliance with this Agreement when expressly
available pursuant to the terms of this Agreement shall not be required to provide any bond or other security in connection with any
such Order.

 

(g)
This Agreement shall be governed by, and construed in accordance with, the Laws of the State of Delaware applicable to contracts executed
in and to be performed in that State without giving effect to principles or rules of conflict of laws to the extent such principles or
rules would require or permit the application of Laws of another jurisdiction. All actions, suits or proceedings (collectively, “Action”)
arising out of or relating to this Agreement shall be heard and determined exclusively in any federal or state court having jurisdiction
within the State of Delaware. The parties hereto hereby (i) submit to the exclusive jurisdiction of federal or state courts within the
State of Delaware for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably
waive, and agree 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 hereunder
may not be enforced in or by any of the above-named courts.

 

    	4

     

    

 

(h)
This Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) 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.

 

(i)
Without further consideration, each party shall use commercially reasonable efforts to execute and deliver or cause to be executed and
delivered such additional documents and instruments and take all such further action as may be reasonably necessary or desirable to consummate
the transactions contemplated by this Agreement.

 

(j)
This Agreement shall not be effective or binding upon Supporter until such time as the Merger Agreement is executed by each of the parties
thereto.

 

(k)
If, and as often as, there are any changes in Purchaser or the Purchaser Common Stock by way of stock split, stock dividend, combination
or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination, or by any other means,
equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges, duties and
obligations hereunder shall continue with respect to Purchaser, Supporter and the Shares as so changed.

 

(l)
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 litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties hereto
(i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and the other parties hereto
have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual
waivers and certifications in this Paragraph (l).

 

[Signature
pages follow]

 

    	5

     

    

 

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

 

	 	PURCHASER:
	 	 
	 	PONO
    CAPITAL CORP.
	 	 	                            
	 	By:	/s/
    Dustin Shindo
	 	Name: 
    	Dustin
    Shindo
	 	Title:
    	Chief
    Executive Officer
	 	 	 
	 	COMPANY:
	 	 
	 	AERWINS
    TECHNOLOGIES INC.
	 	 	 
	 	By:
    	/s/
    Shuhei Komatsu
	 	Name:
    	Shuhei
    Komatsu
	 	Title:
    	Chief
    Executive Officer

 

[Signature
Page to Purchaser Support Agreement]

 

    	 

     

    

 

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

 

	 	SUPPORTER:
	 	 
	 	MEHANA
    EQUITY LLC
	 	 	 
	 	By:
    	/s/
    Dustin Shindo
	 	Name: 	Dustin
    Shindo
	 	Title:
    	Managing
    Member

 

[Signature
Page to Purchaser Support Agreement]

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