Document:

Exhibit
4.1

 

	NUMBER

    PTHRU-

    ________
	 	UNITS
	SEE REVERSE FOR

                                                                                CERTAIN DEFINITIONS
	Pono
    Capital Three, Inc.	 

 

CUSIP
73245C204

 

UNITS
CONSISTING OF ONE CLASS A ORDINARY SHARE AND ONE WARRANT

 

THIS
CERTIFIES THAT ____________________________________________________________________________

is
the owner of ___________________________________________________________________________ Units.

 

Each
Unit (“Unit”) consists of one Class A ordinary share, with a par value $0.0001 per share (“Class A Ordinary Shares”),
of Pono Capital Three, Inc., a Cayman Islands exempted company (the “Company”), and one redeemable warrant (“Warrant”).
Each redeemable Warrant entitles the holder thereof to purchase one Class A Ordinary share at a price of $11.50 per full share (subject
to adjustment), upon the later to occur of (i) thirty (30) days after the date upon which the Company completes a merger, share exchange,
asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses
or entities (a “Business Combination”) or (ii) one year from the effective date of the Company’s registration statement
on Form S-1, as initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on [     ], 2022, as amended. The
Class A Ordinary Shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to the
fifty-second (52nd) day after the date of the prospectus relating to the Company’s initial public offering, unless EF Hutton, division
of Benchmark Investments, Inc. (“EF Hutton”) determines that an earlier date is acceptable, but in no event will Class A
Ordinary Shares and Warrants be traded separately until the Company files with the SEC a current report on Form 8-K which includes an
audited balance sheet reflecting the receipt by the Company of the gross proceeds from its initial public offering including the proceeds
received by the Company from the exercise of the over-allotment option thereto, if the over-allotment option is exercised and issuing
a press release announcing when separate trading will begin. If the over-allotment option is exercised after the date of the prospectus,
we will file an amendment to the Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment
option. We will also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if the underwriters
has allowed separate trading of the Class A Ordinary Shares and Warrants prior to the 52nd day after the date of the prospectus.

 

The
terms of the Warrants are governed by a Warrant Agreement, dated as of [     ], 2023, between the Company and Continental Stock Transfer
& Trust Company, as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions
the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of Continental
Stock Transfer & Trust Company at 1 State Street, 30th Floor, New York, New York 10004, and are available to any Warrant holder on
written request and without cost.

 

This
certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company.

 

Witness
the facsimile seal of the Company and the facsimile signatures of its duly authorized officers.

 

This
Unit Certificate shall be governed and construed in accordance with the internal laws of the State of New York, without regard to conflicts
of laws principles thereof.

 

[Seal]

 

	By	 	 	 
	 	 	 	 
	 	Chairman	 	Chief
    Financial Officer

 

    	 

    	 

    

 

Pono
Capital Three, Inc.

 

The
Company will furnish without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM –	as
    tenants in common	UNIF
    GIFT MIN ACT - _____ Custodian ______
	TEN
    ENT – 	as
    tenants by the entireties	(Cust)                     (Minor) 
	JT
    TEN – 	as
    joint tenants with right of survivorship	under
    Uniform Gifts to Minors
	 	and
    not as tenants in common	Act
    ______________
	 	 	(State)

 

Additional
Abbreviations may also be used though not in the above list.

 

For
value received, ___________________________ hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE
INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING
NUMBER OF ASSIGNEE(S)

 

	 
	 

 

	 
	(PLEASE
    PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE(S))

 

________________________________________________________________________________________________

 

_______________________________________________________________________________________________

 

__________________________________________________________________________________________ Units

 

represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 

_______________________________________________________________________________________
Attorney to transfer the said Units on the books of the within named Company will full power of substitution in the premises.

 

Dated
____________________

 

	 	 
	 	Notice:	The
    signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without
    alteration or enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

 

	THE SIGNATURE(S)
  SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS,
  SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN
  AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).	 

 

The
holder of this certificate shall be entitled to receive funds with respect to the underlying Ordinary Shares from the trust fund only
in the event of the Company’s liquidation upon failure to consummate a business combination or if the holder seeks to convert his
or her respective Ordinary Shares underlying the unit upon consummation of such business combination or in connection with certain amendments
to the Company’s Amended and Restated Memorandum and Articles of Association. In no other circumstances shall the holder have any
right or interest of any kind in or to the trust fund.Exhibit
4.2

 

	NUMBER	SHARES
	PTHR-______	 

 

SEE
REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP
73245C105

 

PONO
CAPITAL THREE, INC.

INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS

 

CLASS
A ORDINARY SHARES

 

This
Certifies that is the owner of

 

FULLY
PAID AND NON-ASSESSABLE CLASS A ORDINARY SHARES, PAR VALUE OF $0.0001 (THE “ORDINARY SHARES”), OF

 

PONO
CAPITAL THREE, INC.

(THE
“COMPANY”)

 

transferable
on the books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

The
Company will be required to redeem all of its Ordinary Shares if it is unable to complete a business combination within the time period
set forth in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to
time (the “Charter”), all as more fully described in the Company’s final prospectus dated [ ], 2023.

 

This
certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

 

Witness
the facsimile signatures of its duly authorized officers.

 

	Chief
    Executive Officer	 	Chief
    Financial Officer
	 	 	 

 

    	1

    	 

    

 

PONO
CAPITAL THREE, INC.

 

The
Company will furnish without charge to each shareholder who so requests a statement of the powers, designations, preferences and relative,
participating, optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be held subject
to all the provisions of the Charter and resolutions of the Board of Directors providing for the issue of securities (copies of which
may be obtained from the secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents. The
following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM	—	as
    tenants in common	UNIF
    GIFT MIN ACT	—	 	Custodian	 
	TEN
    ENT	—	as
    tenants by the entireties	 	 	(Cust)	 	(Minor)

 

	JT
    TEN	—	as
    joint tenants with right of survivorship and not as tenants in common	 	 	under
    Uniform Gifts to Minors Act
	 	 	 	 	 	(State)

 

Additional
abbreviations may also be used though not in the above list.

 

For
value received, hereby sells, assigns and transfers unto

 

(PLEASE
INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER(S) OF ASSIGNEE(S))

 

(PLEASE
PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES), INCLUDING ZIP CODE, OF ASSIGNEE(S))

 

Ordinary
Shares represented by the within Certificate, and hereby irrevocably constitutes and appoints

 

Attorney
to transfer the said Ordinary Shares on the books of the within named Company with full power of substitution in the premises.

 

	Dated:
	 

 

NOTICE:
THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

	Signature(s)
    Guaranteed:	 
	By	 
	 

 

THE
SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 OF THE SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)).

 

As
more fully described in, and subject to the terms and conditions described in, the Company’s final prospectus for its initial public
offering dated [       ], 2023, the holder(s) of this certificate shall be entitled to receive a pro-rata portion of certain funds held in
the trust account established in connection with the Company’s initial public offering only in the event that (i) the Company redeems
the Ordinary Shares sold in the Company’s initial public offering and liquidates because it does not consummate an initial business
combination by the date set forth in the Charter, as the same may be amended from time to time (such date being referred to herein as
the “Last Date”), (ii) the Company redeems the Ordinary Shares sold in its initial public offering properly submitted in
connection with a shareholder vote to amend the Charter to modify the substance or timing of the Company’s obligation to redeem
100% of the Ordinary Shares if it does not consummate an initial business combination by the Last Date or with respect to any other provisions
relating to shareholders’ rights or pre-initial business combination activity, or (iii) if the holder(s) seek(s) to redeem for
cash his, her or its respective Ordinary Shares in connection with a tender offer (or proxy solicitation, solely in the event the Company
seeks shareholder approval of the proposed initial business combination) setting forth the details of a proposed initial business combination.
In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.

 

    	2

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