SEC Contract Filing

Filing Date: 2023-01-23

Document Content:
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<TYPE>EX-10.1
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<FILENAME>d436440dex101.htm
<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>STANDBY EQUITY PURCHASE AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>THIS STANDBY EQUITY PURCHASE AGREEMENT</B> (this &#147;<U>Agreement</U>&#148;) dated as of January&nbsp;23, 2023 is made by and among <B>YA
II PN, LTD.</B>, a Cayman Islands exempt limited partnership (the &#147;<U>Investor</U>&#148;) and <B>PONO Capital Corp., </B>a company incorporated under the laws of the State of Delaware (the &#147;<U>Company</U>&#148;). For purposes of this
Agreement, references to the &#147;Company&#148; shall also include, after the closing of the Business Combination (as defined below), the resulting publicly listed company pursuant to the transactions contemplated by the Agreement and Plan of
Merger, dated September&nbsp;7, 2022 (as it may be amended or supplemented from time to time, the &#147;<U>Merger Agreemen</U>t&#148;), by and between the Company, Pono Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of the
Company (&#147;<U>Merger Sub</U>&#148;), AERWINS Technologies Inc., a Delaware corporation (the &#147;<U>Target</U>&#148;), Mehana Equity LLC, in its capacity as the representative of the stockholders of the Company, and Shuhei Komatsu in his
capacity as the representative of the stockholders of the Target, pursuant to which, upon the terms and subject to the conditions contained therein, Merger Sub will merge with and into the Target, with the Target continuing as the surviving
corporation and as a wholly-owned subsidiary of the Company (the &#147;<U>Merger</U>&#148;). In connection with the Mergers, the Target will change its corporate name to &#147;AERWINS, Inc.&#148; and the Company will change its corporate name to
&#147;AERWINS Technologies, Inc.&#148; The Merger and the other transactions described in the Merger Agreement are collectively referred to herein as the &#147;<U>Business Combination</U>.&#148; The Investor and the Company may be referred to herein
individually as a &#147;Party&#148; and collectively as the &#147;Parties.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the Parties desire that, upon the terms
and subject to the conditions contained herein, the Company, upon the closing of the Business Combination shall have the right to issue and sell to the Investor, from time to time as provided herein, and the Investor shall purchase from the Company,
up to $100&nbsp;million in aggregate gross purchase price of the newly issued shares of the Company&#146;s common stock, par value $0.000001 per share (the &#147;<U>Common Shares</U>); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, the offer and sale of the Common Shares issuable hereunder will be made in reliance upon Section&nbsp;4(a)(2) under the
Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder (the &#147;<U>Securities Act</U>&#148;), or upon such other exemption from the registration requirements of the Securities Act as may be available with respect
to any or all of the transactions to be made hereunder; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS</B>, in consideration of the Investor&#146;s execution and
delivery of this Agreement, the Company shall issue to the Investor the Commitment Shares pursuant to and in accordance with Section&nbsp;12.04. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW</B>, <B>THEREFORE</B>, the Parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Article I. Certain Definitions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Additional Shares</U>&#148; shall have the meaning set forth in Section&nbsp;2.01(d)(ii). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Adjusted Advance Amount</U>&#148; shall have the meaning set forth in Section&nbsp;2.01(d)(i) . </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance</U>&#148; shall mean any issuance and sale of Advance Shares by the Company to the Investor pursuant to Article II hereof.
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance Date</U>&#148; shall mean the first Trading Day after expiration of the
applicable Pricing Period for each Advance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance Notice</U>&#148; shall mean a written notice in the form of Exhibit A
attached hereto to the Investor executed by an officer of the Company and setting forth the number of Advance Shares that the Company desires to issue and sell to the Investor. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<U>Advance Notice Date</U>