SEC Contract Filing

Filing Date: 2023-05-19

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex10-2.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit 10.2</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">THIS CONVERTIBLE PROMISSORY NOTE (THIS <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NOTE&rdquo;</B>)
AND THE SECURITIES INTO WHICH IT MAY BE CONVERTED HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE <B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;SECURITIES
ACT&rdquo;), </B>OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE.
THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED EXCEPT AS PERMITTED UNDER THE SECURITIES
ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY MAY
BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE MAKER MAY REQUIRE AN OPINION OF COUNSEL
REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE MAKER TO THE EFFECT THAT ANY SALE OR OTHER DISPOSITION IS IN COMPLIANCE WITH
THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONVERTIBLE PROMISSORY NOTE</B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify">Principal Amount: $1,000,000</TD>
 <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: right">Issue Date: May [__], 2023 </TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">FOR VALUE RECEIVED and subject
to the terms and conditions set forth herein, Pono Capital Two, Inc., a Delaware corporation (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maker</B>&rdquo;), promises
to pay to SBC Medical Group Holdings Incorporated, a Delaware corporation or its registered assigns or successors in interest (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payee</B>&rdquo;),
the Principal Amount (as defined below) in lawful money of the United States of America, on the terms and conditions described below,
to the extent the Principal Amount is not converted into shares of Common Stock (as defined below). All payments on this Note shall be
made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note. This Note is being acquired by the Payee
and is being sold and issued by the Maker pursuant to a Note Purchase Agreement between the Maker and the Payee, dated as of May 18, 2023
(the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement</B>&rdquo;) and is subject to the terms and conditions therein. The Make and the Payee may be referred to herein
collectively as the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties</B>&rdquo; and each individually as a &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Party</B>&rdquo;. Defined terms used herein without
definitions shall have the meanings given in the Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. Principal. </B>Subject to the terms and conditions herein, the principal balance of this Note of $1,000,000 (the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
Amount</B>&rdquo;), shall be due and payable on the earlier of (i) the first Business Day following the effective date of the
consummation of the transactions as set forth in the Agreement and Plan of Merger by and among the Maker, Pono Two Merger Sub, Inc.,
Mehana Capital LLC, Yoshiyuki Aikawa and the Payee, dated as of January 31, 2023 (as the same may be amended from time to time, the
&ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger Agreement</B>&rdquo;), and (ii) the one year
anniversary of the Issue Date as set forth above (as applicable, the &ldquo;<B STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maturity
Date</B>&rdquo;), unless accelerated upon the occurrence of an Event of Default (as defined below). The transactions as set forth in
the Merger Agreement are referred to as the &ldquo;<B STYLE="font-family: Times New