SEC Contract Filing

Filing Date: 2022-11-10

Document Content:
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<TYPE>EX-10.7
<SEQUENCE>3
<FILENAME>ex10-7.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
10.7</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pono
Capital Corp</FONT></P>

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Ilalo Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Honolulu,
Hawaii 96813</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in; text-align: right; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
9, 2022</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ladies
and Gentlemen:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pono
Capital Corp (the &ldquo;Company&rdquo;), a blank check company formed for the purpose of acquiring one or more businesses or entities
(a &ldquo;Business Combination&rdquo;), may extend the date on which it must wind-up and liquidate pursuant to its organizational documents,
for up to two 3-month periods to the date that is 18 months after the closing of the Company&rsquo;s initial public offering, by depositing
$1,150,000 per extension (each, an &ldquo;Extension Fee&rdquo;) into the Company&rsquo;s trust account with Continental Stock Transfer
&amp; Trust Company (the &ldquo;Trustee&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aerwins
Technologies, Inc. (&ldquo;Aerwins&rdquo;) has agreed to purchase securities from the Company that will enable payment of half of the
Extension Fees necessary to extend the date of the Company&rsquo;s wind-up and liquidation to February 13, 2023, the date that is 18
months after the closing of the Company&rsquo;s initial public offering. Concurrently, Mehana Capital LLC will purchase securities from
the Company that will enable payment of the remaining half of the Extension Fees for the second extension (the &ldquo;Mehana Purchase&rdquo;).
Accordingly, Aerwins hereby commits that it will purchase 57,500 units of the Company (&ldquo;Private Units&rdquo;), each Private Unit
consisting of one share of Class A common stock of the Company, par value $0.000001 per share (the &ldquo;Class A Common Stock&rdquo;),
and three-quarters of one warrant (the &ldquo;Warrants&rdquo;), with each whole warrant entitling its holder to purchase one (1) share
of Class A Common Stock, for an aggregate purchase price of $575,000 (the &ldquo;Private Unit Purchase Price&rdquo;), to be paid directly
to the Trustee to fund the second Extension Fee.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
or before November 9, 2022, Aerwins will cause the Private Unit Purchase Price to be delivered to the Trustee, by wire transfer
as set forth in the instructions attached as <U>Exhibit A</U> to be held in the Trust Account. In accordance with Section 5.3 of that
certain Agreement and Plan of Merger, dated as of September 7, 2022, between the Company, Pono Merger Sub, Inc., Aerwins, Mehana Equity,
LLC and Shuhei Komatsu, Aerwins hereby consents to the issuance of securities by the Company and the actions related thereto as contemplated
by this letter agreement and the Mehana Purchase.</FONT></P>

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