Document:

Exhibit
10.7

 

Administrative
Service Agreement

 

This
Administrative Service Agreement (the “Agreement”) dated this        the day of            ,
2021 is between Ms. Leung Po Yi, herein referred to as “Service Provider” and HHG Capital Corporation, herein referred
to as “Customer”.

 

Service
Provider has agreed to provide services to the Customer on the terms and conditions set out in this Agreement, while Customer is of the
opinion that Service Provider has the proper and necessary qualifications, experience and abilities to provide services to Customer.

 

Therefore
in consideration of the matters described above, the receipt and sufficiency of which consideration is hereby acknowledged, the Customer
and the Service Provider agree as follows:

 

	1.	Scope
    of Work

 

The
Service Provider is to provide the Customer with the following services (the “Services”): Company Administration.

 

The
services will include any other tasks which the Customer and the Service Provider may agree on.

 

	2.	Term
    of Agreement

 

This
Agreement will begin on               , 2021 and will remain
in full force and effect until the completion of the Services. This Agreement may be extended by mutual written agreement of the parties.

 

	3.	Termination
    

 

If
either party seeks termination of this Agreement, the terminating party must provide a 30 days written notice to the other party.

 

	4.	Compensation
    

 

The
Customer will provide compensation to the Service Provider of $10,000 per month for the services rendered by the Service Provider as
required by this Agreement. Compensation is payable at the completion of services.

 

IN
WITNESS WHEREOF the parties have duly affixed their signatures under hand on this         
day of             , 2021.

 

	 	By:	 
	 	Name:	Leung
    Po Yi
	 	 	 
	 	HHG
    Capital Corporation

 

	 	By:	 
	 	Name:	Chee
    Shiong (Keith) Kok
	 	Title:	Chief
    Executive OfficerEX-10.2

 Exhibit 10.2 

Execution Version 

BACKSTOP AGREEMENT 
 This
BACKSTOP AGREEMENT (this “Agreement”), dated as of August 20, 2021, is made by and among Live Oak Acquisition Corp. II, a Delaware corporation (“LOKB”), Live Oak Sponsor Partners II, LLC, a Delaware limited
liability company (the “Sponsor”), and Encompass Capital Advisors LLC, a Delaware limited liability company (“Encompass”). Capitalized terms used but not defined herein shall have the respective meanings ascribed to
such terms in the Business Combination Agreement (as defined below). 
 RECITALS 

WHEREAS, on May 6, 2021, LOKB, Live Oak Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of LOKB
(“Merger Sub”), and Navitas Semiconductor Limited, a private company limited by shares organized under the laws of Ireland (“Navitas Ireland”) and domesticated in the State of Delaware as Navitas Semiconductor
Ireland, LLC, a Delaware limited liability company (“Navitas Delaware” and, together with Navitas Ireland, “Navitas”), entered into a Business Combination Agreement and Plan of Reorganization (the “Business
Combination Agreement”), whereby the parties intend to effect a business combination between LOKB and Navitas, on the terms and subject to the conditions set forth therein (collectively, the “Business Combination”); 

WHEREAS, as of the date hereof, the Sponsor is the holder of record of private placement warrants (the “Warrants”) to
purchase 4,666,667 shares of LOKB Class A Common Stock issued pursuant to the LOKB Warrant Agreement, having an exercise price of $11.50 per share (subject to customary adjustment as set forth in the LOKB Warrant Agreement) and an exercise
period contemplated to (a) commence on the later of: (i) the date that is thirty (30) days after the first date on which the Company completes the Business Combination, and (ii) the date that is twelve (12) months from the
date of the closing of LOKB’s initial public offering and (b) terminate on the date that is five (5) years from the Closing (subject to the terms and conditions of the LOKB Warrant Agreement), and which Warrants are not subject to
redemption (except as set forth in Section 6.2 of the LOKB Warrant Agreement) and include provision for cashless exercise; 
 WHEREAS,
in connection with the Business Combination, Encompass desires to backstop the equity of LOKB by agreeing to offer to purchase up to 2,000,000 shares of LOKB Class A Common Stock subject to the terms and conditions of this Agreement, and
Sponsor seeks to obtain an equity commitment whereby Encompass agrees to offer to purchase up to 2,000,000 shares of LOKB Class A Common Stock (such maximum amount, the “Commitment Amount”) immediately prior to the closing of
the Business Combination and that such shares of LOKB Class A Common Stock have not been or will not be redeemed against the Trust Account in connection with the special meeting (the “Special Meeting”) of stockholders of LOKB
to vote on the proposals set forth in LOKB’s registration statement on Form S-4 initially filed with the SEC on June 8, 2021 (as may be amended, revised, or supplemented from time to time, the
“Registration/Proxy Statement”); and 

 WHEREAS, in consideration of Encompass’s commitment to offer to purchase shares
pursuant to this Agreement, the Sponsor desires to transfer an aggregate of 1,500,000 of the Warrants to Encompass upon the closing of the Business Combination. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 

ARTICLE I 

ENCOMPASS COMMITMENT 
 1.1
Encompass agrees that it shall (i) satisfy its equity commitment up to the Commitment Amount in accordance with the terms of this Agreement by (a) purchasing shares in the open market at any time and from time to time on and after the
filing of this Agreement by LOKB on Form 8-K until 5:00 PM Eastern Time (the “Deadline”) on the Business Day prior to the redemption deadline specified in the Registration/Proxy Statement or
(b) to the extent the number of shares of LOKB Class A Common Stock held by Encompass (through one or more of its managed accounts or fund entities) at the Deadline does not equal or exceed the Commitment Amount, by offering to purchase
shares of LOKB Class A Common Stock at a price not to exceed $10.02 per share (subject to customary equitable adjustment in the case of any stock split, stock dividend or similar event) from one or more third parties that have elected to redeem
their public shares against the Trust Account in connection with the Special Meeting and require that, as a condition of such purchase, such third parties withdraw the shares of LOKB Class A Common Stock from redemption against the Trust
Account in connection with the Special Meeting. Upon the request of the Sponsor, whether in advance of the anticipated closing date of the Business Combination or as of the closing date of the Business Combination, Encompass shall provide all
documentary evidence reasonably requested by the Sponsor, including a broker certification, to confirm that (x) Encompass has complied with its commitment pursuant to this Section 1.1 and (y) that to the extent
any shares of LOKB Class A Common Stock were purchased pursuant to (b) above, that such shares of LOKB Class A Common Stock have been effectively withdrawn from redemption against the Trust Account in connection with the Special
Meeting. 
 1.2 The obligation of Encompass pursuant to Section 1.1 of this Agreement shall be subject to the
satisfaction, or valid waiver by Encompass, of the condition that: (a) no Material Adverse Change shall have occurred; (b) all representations and warranties of the Sponsor and LOKB contained in this Agreement shall be true and correct in
all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true and correct in all respects) at and as of the date of this Agreement and as of the Deadline
(except for representations and warranties made as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties
shall be true and correct in all respects) as of such date); and (c) each of LOKB and the Sponsor having performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Agreement to be
performed, satisfied or complied with by it. 

  
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 1.3 LOKB and the Sponsor acknowledge and agree that Encompass may satisfy its commitment
hereunder by directing any managed accounts or fund entities for which Encompass exercises investment discretion to satisfy the obligations set forth in Section 1.1. 

ARTICLE II 

ADDITIONAL AGREEMENTS OF ENCOMPASS 

2.1 Encompass shall vote any shares of LOKB Class A Common Stock held by an Encompass Party (as defined below) as of the record date for
the Special Meeting in favor of the Business Combination and all other proposals to be presented at the Special Meeting, provided that such proposals have been approved and recommended by the LOKB Board for approval by LOKB’s stockholders. 

2.2 Encompass shall not redeem any shares of LOKB Class A Common Stock in connection with the Business Combination. 

2.3 Encompass hereby agrees that, from the date of this Agreement until the Closing Date, neither Encompass nor any person or entity acting on
behalf of Encompass or pursuant to any understanding with Encompass will engage in any hedging transactions or Short Sales with respect to securities of the Company. For purposes of this Section 2.3, “Short
Sales” shall include, without limitation, (i) all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange Act, (ii) all types of direct and indirect stock pledges (other than pledges in
the ordinary course of business as part of prime brokerage or other similar financing arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and (iii) sales and other
transactions through non-U.S. broker dealers or foreign regulated brokers. 
 2.4 Encompass agrees
to be bound by (i) the transfer restrictions in the LOKB Warrant Agreement, (ii) Section 7(b) of the Letter Agreement (subject to Section 7(c) of the Letter Agreement), and (iii) Section 6(b) of the Letter Agreement (to
the extent applicable to breaches of Sections 1 and 7(b) of the Letter Agreement). 
 ARTICLE III 

COMMITMENT FEE 
 3.1 In
consideration of Encompass’s performance of its obligations described herein and upon satisfaction (or, if applicable, waiver) of the conditions set forth in Section 3.2 of this Agreement, promptly following the
closing of the Business Combination (but no later than one (1) Business Day following such date), the Sponsor shall transfer an aggregate of 1,500,000 Warrants to Encompass. Encompass may designate any managed accounts or fund entities for
which Encompass exercises investment discretion to receive such number of the commitment fee Warrants to be issued pursuant to this Agreement as Encompass may direct in writing to the Sponsor no later than three (3) business days prior to
Closing. 

  
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 3.2 The obligation of the Sponsor pursuant to Section 3.1 of this
Agreement shall be subject to the satisfaction, or valid waiver by the Sponsor, of the conditions that: 
 (a) the Closing shall have
occurred; 
 (b) all representations and warranties of Encompass contained in this Agreement shall be true and correct in all material
respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true and correct in all respects) at and as of the Closing Date (except for representations and warranties made
as of a specific date, which shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality, which representations and warranties shall be true and correct in all respects) as of
such date); and 
 (c) Encompass shall have performed, satisfied and complied in all material respects with all covenants, agreements and
conditions required by this Agreement to be performed, satisfied or complied with by it at or prior to the Closing. 
 ARTICLE IV

 REPRESENTATIONS AND WARRANTIES 

4.1 Representations and Warranties of the Sponsor. The Sponsor represents and warrants as of the date hereof and as of the Deadline to
Encompass as follows: 
 (a) The Sponsor is duly organized, validly existing and in good standing under the laws of the State of Delaware,
and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within the Sponsor’s limited liability company powers and have been duly authorized by all necessary limited
liability company actions on the part of the Sponsor. This Agreement has been duly executed and delivered by the Sponsor and, assuming due authorization, execution and delivery by Encompass, this Agreement constitutes a legally valid and binding
obligation of the Sponsor, enforceable against the Sponsor in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity
affecting the availability of specific performance and other equitable remedies). 
 (b) The Sponsor is the record owner, and has good and
marketable title to, all of the Warrants. There are no Liens or any other limitations or restrictions affecting any of the Warrants, other than such limitations or restrictions that exist pursuant to (i) this Agreement, (ii) the
Organizational Documents of LOKB, (iii) the Business Combination Agreement, (iv) the Letter Agreement, (v) the LOKB Warrant Agreement or (vi) any applicable securities laws. Any Encompass Party receiving a Warrant pursuant to
this Agreement shall in such respect be a Permitted Transferee pursuant to the LOKB Warrant Agreement. 
 (c) The execution and delivery of
this Agreement by the Sponsor does not, and the performance by the Sponsor of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents of the Sponsor or (ii) require any consent or
approval that has not been given or other action that has not been taken by any person, in each case to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by the Sponsor of its obligations
under this Agreement. The Sponsor has full right and power to enter into this Agreement. 

  
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 (d) The Sponsor is not engaged in a distribution, as such term is used in Regulation M under
the Exchange Act, of any securities of LOKB. The Sponsor shall not engage in any such distribution until after the Closing. 
 (e) The
Sponsor is not entering into the transactions contemplated by this Agreement to create actual or apparent trading activity in the LOKB Class A Common Stock (or any security convertible into or exchangeable for LOKB Class A Common Stock) or
to raise or depress or otherwise manipulate the price of the LOKB Class A Common Stock (or any security convertible into or exchangeable for the LOKB Class A Common Stock) or otherwise in violation of the Exchange Act. The Sponsor has not
entered into or altered, and agrees that the Sponsor will not enter into or alter, any corresponding or hedging transaction or position with respect to the LOKB Class A Common Stock. 

4.2 Representations and Warranties of LOKB. LOKB represents and warrants as of the date hereof and as of the Deadline to the Sponsor
and to Encompass as follows: 
 (a) The Warrants are validly issued, fully paid and non-assessable
and not subject to any preemptive rights. 
 (b) The LOKB Warrant Agreement constitutes a legal, valid and binding obligation of LOKB,
enforceable against LOKB in accordance with its terms subject to the Remedies Exceptions. 
 (c) LOKB management and its representatives and
advisors have undertaken customary and commercially reasonable efforts in its business, legal, accounting and other due diligence investigation in determining that Navitas was and continues to be an appropriate target for business combination. 

(d) No event or series of related events that has caused or would reasonably be expected to cause, individually or in the aggregate, a Material
Adverse Change, has occurred or is continuing. 
 4.3 Representations and Warranties of Encompass. Encompass represents and warrants
as of the date hereof to the Sponsor as follows: 
 (a) Encompass is duly organized, validly existing and in good standing under the laws of
Delaware, and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within Encompass’s limited liability company powers and have been duly authorized by all necessary limited
liability company actions on the part of Encompass. This Agreement has been duly executed and delivered by Encompass and, assuming due authorization, execution and delivery by the Sponsor, this Agreement constitutes a legally valid and binding
obligation of Encompass, enforceable against Encompass in accordance with the terms hereof (except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles of equity affecting
the availability of specific performance and other equitable remedies). 

  
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 (b) No Conflicts. The execution and delivery of this Agreement by Encompass does not,
and the performance by Encompass of its obligations hereunder will not, (i) conflict with or result in a violation of the organizational documents of Encompass or (ii) require any consent or approval that has not been given or other action
that has not been taken by any person, in each case to the extent such consent, approval or other action would prevent, enjoin or materially delay the performance by Encompass of its obligations under this Agreement. Encompass has full right and
power to enter into this Agreement. 
 (c) Each of the managed accounts and fund entities over which Encompass has investment discretion and
that are the subject of Section 3.1 of this Agreement is an “accredited investor” as such term is defined in Rule 501(a)(3) of Regulation D under the Securities Act, and neither Encompass nor any of the managed accounts or fund
entities referred to above have experienced a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act. 

(d) Encompass understands that any Warrants that may be transferred to Encompass (or managed accounts or fund entities) pursuant to this
Agreement are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Warrants have not been registered under the Securities Act. Encompass understands that the Warrants may not be
offered, resold, transferred, pledged or otherwise disposed of by Encompass (or managed accounts or fund entities) absent an effective registration statement under the Securities Act, except pursuant to an applicable exemption from the registration
requirements of the Securities Act, and in accordance with any applicable securities laws of the applicable states and other jurisdictions of the United States, and that any certificates or book entry records representing the Warrants shall contain
a restrictive legend to such effect. Encompass acknowledges and agrees that the Warrants will be subject to these securities law transfer restrictions and, as a result of these transfer restrictions, Encompass may not be able to readily resell the
Warrants and may be required to bear the financial risk of an investment in the Warrants for an indefinite period of time. Encompass understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer
of any of the Warrants. 
 (e) In making its decision to invest in the Warrants, Encompass has relied solely upon independent investigation
made by Encompass and the Sponsor’s representations, warranties and covenants contained herein. Encompass has not relied on any statements or other information provided by anyone other than the Sponsor concerning Navitas, LOKB, the Business
Combination, the Warrants or the offer of the Warrants. Encompass acknowledges and agrees that Encompass has received and has had an adequate opportunity to review such financial and other information as Encompass deems necessary in order to make an
investment decision with respect to the Warrants, including with respect to Navitas, LOKB and the Business Combination, and made its own assessment and is satisfied concerning the relevant tax and other economic considerations relevant to
Encompass’s investment in the Warrants. Encompass represents and agrees that Encompass and Encompass’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information
as Encompass and such undersigned’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Warrants. Without limiting the generality of the foregoing, Encompass acknowledges that it has
reviewed LOKB’s filings with the SEC. 

  
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 (f) Encompass became aware of the offering of the Warrants solely by means of direct contact
between Encompass and the Sponsor or its representatives or affiliates. Encompass did not become aware of the offering of the Warrants, nor were the Warrants offered to Encompass, by any other means. Encompass acknowledges that Warrants
(i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities
laws. 
 (g) Encompass acknowledges that it is aware that there are substantial risks incident to the ownership of the Warrants. Encompass
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Warrants, and Encompass has had an opportunity to seek, and has sought, such accounting, legal, business
and tax advice as Encompass has considered necessary to make an informed investment decision. 
 (h) Encompass has adequately analyzed and
fully considered the risks of an investment in the Warrants and determined that the Warrants are a suitable investment for Encompass and that Encompass is able at this time and in the foreseeable future to bear the economic risk of a total loss of
Encompass’s investment in the Warrants. Encompass acknowledges specifically that a possibility of total loss exists. 
 (i) Encompass
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Warrants or made any findings or determination as to the fairness of this investment. 

(j) The fund entities and managed accounts for which Encompass has investment discretion in the aggregate have sufficient funds to purchase the
LOKB Class A Common Stock pursuant to Article I of this Agreement. 
 (k) No broker or finder is entitled to any brokerage or
finder’s fee or commission solely in connection with this Agreement. 
 (l) Encompass is not entering into the transactions contemplated
by this Agreement to create actual or apparent trading activity in the LOKB Class A Common Stock (or any security convertible into or exchangeable for LOKB Class A Common Stock) or to raise or depress or otherwise manipulate the price of
the LOKB Class A Common Stock (or any security convertible into or exchangeable for the LOKB Class A Common Stock) or otherwise in violation of the Exchange Act. Encompass has not entered into or altered, and agrees that Encompass will not
enter into or alter, any corresponding or hedging transaction or position with respect to the LOKB Class A Common Stock. 

  
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 ARTICLE V 

MISCELLANEOUS 
 5.1
Termination. This Agreement and all of its provisions shall terminate and be of no further force or effect only automatically upon (i) the termination of the Business Combination Agreement in accordance with its terms, (ii) if the
Closing has not occurred by October 31, 2021, written notice from Encompass electing to terminate the Agreement, (iii) if a Material Adverse Change has occurred, written notice from Encompass electing to terminate this Agreement (which
right shall be in addition to and without prejudice to the condition to Encompass’ obligation set forth in Section 1.2(a)), or (iv) upon the written agreement of LOKB, the Sponsor and Encompass. Upon such
termination of this Agreement, all obligations of the parties under this Agreement will terminate, without any liability or other obligation on the part of any party hereto to any person in respect hereof or the transactions contemplated hereby.
This Article V shall survive the termination of this Agreement. 
 5.2 Trust Account Waiver. Encompass
acknowledges that LOKB is a blank check company with the powers and privileges to effect a merger, asset acquisition, reorganization or similar business combination involving LOKB and one or more businesses or assets. Encompass further acknowledges
that, as described in LOKB’s prospectus relating to its initial public offering dated December 2, 2020 (the “Prospectus”) available at www.sec.gov, substantially all of LOKB’s assets consist of the cash proceeds of
LOKB’s initial public offering and private placements of its securities, and substantially all of those proceeds have been deposited in the Trust Account for the benefit of LOKB, its public stockholders and the underwriters of LOKB’s
initial public offering. For and in consideration of LOKB and the Sponsor entering into this Agreement, the receipt and sufficiency of which are hereby acknowledged, Encompass hereby irrevocably waives any and all right, title and interest, or any
claim of any kind it has or may have in the future, in or to any monies held in the Trust Account, and agrees not to seek recourse against the Trust Account for any reason whatsoever. 

5.3 Public Disclosure. Notwithstanding anything in this Agreement to the contrary, LOKB shall have the right to publicly disclose the
name of Encompass, its investment adviser or any of their respective affiliates, Encompass’s beneficial ownership of Warrants and LOKB Class A Common Stock, or the nature of Encompass’s commitments, arrangements and understandings
under and relating to this Agreement in any press release issued by LOKB, any Form 8-K filed by LOKB with the SEC in connection with the execution and delivery of this Agreement and any registration statement
filed or amended on or after the date of this Agreement. Encompass shall promptly provide any information reasonably requested by LOKB for any regulatory application or filing made or approval sought in connection with the Business Combination
(including filings with the SEC). Prior to making any such public disclosure, LOKB and the Sponsor shall use commercially reasonable efforts to (i) provide Encompass with three business days to review the portion of any public filing, press
release or other public disclosure that refers directly to Encompass’ commitment pursuant to this Agreement and (ii) incorporate any reasonable comments received from Encompass or its representatives within such three business day period
as to such public disclosures referring directly to Encompass’ commitment pursuant to this Agreement (it being understood, however, that with respect to the initial public disclosure as to the existence of this Agreement, such three-business
day period may be reduced by LOKB and the Sponsor to a one-business day period). 
 5.4 Governing
Law. This Agreement, the rights and duties of the parties hereto, and any disputes (whether in contract, tort or statute) arising out of, under or in connection with this Agreement will be governed by and construed and enforced in accordance
with the Laws of the State of Delaware, without giving effect to its principles or rules of conflict of laws to the extent such principles or rules would require or permit the application of the laws of another jurisdiction.

  
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The parties irrevocably and unconditionally submit to the exclusive jurisdiction of the United States District Court for the District of Delaware or, if such court does not have jurisdiction, the
Delaware state courts located in Wilmington, Delaware, in any action arising out of or relating to this Agreement. The parties irrevocably agree that all such claims shall be heard and determined in such a Delaware federal or state court, and that
such jurisdiction of such courts with respect thereto will be exclusive. Each party hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding arising out of or relating to this Agreement that it is not subject to such
jurisdiction, or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts. The parties hereby
consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of any such dispute and agree that mailing of process or other papers in connection with any such action, suit or proceeding in the manner
provided in Section 5.12 or in such other manner as may be permitted by law, will be valid and sufficient service thereof. 

5.5 Waiver of Jury Trial. To the extent not prohibited by applicable law that cannot be waived, each of the parties hereto irrevocably
waives any right it may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this Agreement or any course of conduct, course of dealing, verbal or written statement or action of any party hereto or
thereto, in each case, whether now existing or hereafter arising, and whether in contract, tort, statute, equity or otherwise. Each party hereby further agrees and consents that any such litigation shall be decided by court trial without a jury and
that the parties to this Agreement may file a copy of this Agreement with any court as written evidence of the consent of the parties to the waiver of their right to trial by jury. 

5.6 Registration Rights. LOKB agrees that, within thirty (30) calendar days after the consummation of the Business Combination,
LOKB will file with the SEC (at LOKB’s sole cost and expense) a registration statement registering the resale or other disposition of the Warrants pursuant to this Agreement (including any shares of LOKB Class A Common Stock issued or
issuable upon the exercise of any such Warrants) (a “Shelf Registration”). LOKB shall use its commercially reasonable efforts to cause such Shelf Registration to become effective by the SEC as soon as reasonably practicable after
the filing thereof. In addition, if, at any time on or after the date LOKB consummates the Business Combination LOKB proposes to consummate an Underwritten Offering (as defined in the Registration Rights Agreement) for its own account or for the
account of stockholders of LOKB, then LOKB shall give written notice of such proposed action to Encompass consistent with the notice periods provided with respect to any Piggyback Registration (as defined in the Registration Rights Agreement) under
the Registration Rights Agreement and the opportunity to include the Warrants received pursuant to this Agreement (including any shares of LOKB Class A Common Stock issued or issuable upon the exercise of any such Warrants) in such Underwritten
Offering, subject to cutback and piggyback priority terms with respect to any Piggyback Registration set forth in the Registration Rights Agreement. LOKB’s obligations to include the Warrants received pursuant to this Agreement (including any
shares of LOKB Class A Common Stock issued or issuable upon the exercise of any such Warrants) in a Shelf Registration or in any Underwritten Offering pursuant to this Section 5.6 are contingent upon Encompass
furnishing in writing to LOKB such information regarding Encompass, the securities of LOKB held by Encompass (or fund entities or managed accounts for which Encompass has investment discretion) and the intended method of disposition of the

  
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securities as shall be reasonably requested by LOKB to effect the registration of the securities, and Encompass (or, as applicable, fund entities or managed accounts for which Encompass has
investment discretion (together with Encompass, the “Encompass Parties”)) shall execute such documents in connection with such Shelf Registration or in any Underwritten Offering as LOKB may reasonably request that are customary of a
selling stockholder in similar situations, including, among other things, providing that LOKB shall be entitled to postpone and suspend the effectiveness or use of the Shelf Registration during any customary blackout or similar period, or, in the
case of an Underwritten Offering, that the undersigned will deliver the lock-up agreement required under Section 3.3 of the Registration Rights Agreement. Except for the transfer restrictions applicable
to the Warrants set forth in the LOKB Warrant Agreement and Section 7(b) (subject to Section 7(c)) of the Letter Agreement as they exist on the date hereof, LOKB shall ensure that, subject to any registration for resale that may be
required in accordance with this Section 5.6, the Warrants shall be freely saleable by the Encompass Parties. Subject to Encompass’s compliance with this Agreement, LOKB hereby expressly agrees (i) to perform the
covenants contained in this Section 5.6 and (ii) that (A) it shall not facilitate the resale registration of Warrants or other equity securities in LOKB that are held by any other person earlier than the registration
of Warrants issued to the Encompass Parties hereunder and (B) the Encompass Parties shall have the same rights and conditions with respect to the resale registration of Warrants or other equity securities in LOKB as set forth in the
Registration Rights Agreement as the other parties to the Registration Rights Agreement with respect to the Warrants received pursuant to this Agreement and any common stock, except that the Encompass Parties shall not have demand rights to
underwritten offerings. Any subsequent amendments to the Registration Rights Agreement, or the rights or conditions contained therein, shall apply to the Encompass Parties who still hold securities except that to the extent that any such amendments
would have an adverse impact on any such Encompass Party, such amendment shall not apply without the prior consent of such Encompass Party. 

5.7 Form W-9. The applicable Encompass Parties shall, on or prior to the Closing, execute and
deliver to Sponsor the Form W-9 in the form attached hereto Exhibit A. 
 5.8
Assignment. This Agreement and all of the provisions hereof will be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors and permitted assigns. Neither this Agreement nor any of the rights,
interests or obligations hereunder will be assigned (including by operation of law) without the prior written consent of the non-assigning parties hereto. 

5.9 Specific Performance. The parties agree that irreparable damage may occur in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that monetary damages may not be an adequate remedy for such breach and the non-breaching party
shall be entitled to seek injunctive relief, in addition to any other remedy that such party may have in law or in equity, and to enforce specifically the terms and provisions of this Agreement in the chancery court or any other state or federal
court within the State of Delaware. 
 5.10 Amendment. This Agreement may not be amended, changed, supplemented, waived or otherwise
modified, except upon the execution and delivery of a written agreement executed by the parties hereto. 

  
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 5.11 Severability. If any provision of this Agreement is held invalid or
unenforceable by any court of competent jurisdiction, the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part or degree will remain in full force and
effect to the extent not held invalid or unenforceable. 
 5.12 Notices. All notices, consents, waivers and other communications
under this Agreement must be in writing and will be deemed to have been duly given (a) if personally delivered, on the date of delivery; (b) if delivered by express courier service of national standing for next day delivery (with charges
prepaid), on the Business Day following the date of delivery to such courier service; (c) if delivered by telecopy (with confirmation of delivery), on the date of transmission if on a Business Day before 5:00 p.m. local time of the recipient
party (otherwise on the next succeeding Business Day); (d) if delivered by electronic mail, on the date of transmission if on a Business Day before 5:00 p.m. local time of the business address of the recipient party (otherwise on the next succeeding
Business Day); and (e) if deposited in the United States mail, first-class postage prepaid, on the date of delivery, in each case to the appropriate addresses or facsimile numbers set forth below (or to such other addresses or facsimile numbers
as a party may designate by notice to the other parties in accordance with this Section 5.12): 
 If to
LOKB: 
 Live Oak Acquisition Corp. II 

40 S Main Street, Suite 2550 

Memphis, Tennessee 38103 

Attention: Rick Hendrix 
 Email:
rhendrix@liveoakmp.com 
 in each case, with a copy (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, TX 77002 
 Attention:
Sarah Morgan 
 Email: smorgan@velaw.com 

If to the Sponsor: 
 Live
Oak Sponsor Partners II, LLC 
 40 S Main Street, Suite 2550 

Memphis, Tennessee 38103 

Attention: Rick Hendrix 
 Email:
rhendrix@liveoakmp.com 
 in each case, with a copy (which shall not constitute notice) to: 

Vinson & Elkins L.L.P. 

1001 Fannin Street, Suite 2500 

Houston, TX 77002 
 Attention:
Sarah Morgan 
 Email: smorgan@velaw.com 

  
 11 

 If to Encompass: 

Encompass Capital Advisors LLC 

200 Park Avenue, 11th Floor, 
 New
York, NY 10166 
 Attention: Larry Kassman 

Email: LKassman@encompasscap.com 

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

Olshan Frome Wolosky LLP 
 1325
Avenue of the Americas 
 New York, NY 10019 

Attention: Mitchell Raab 
 Email:
mraab@olshanlaw.com 
 5.13 Counterparts. This Agreement may be executed in two or more counterparts (any of which may be delivered
by facsimile or electronic transmission), each of which shall constitute an original, and all of which taken together shall constitute one and the same instrument. 

5.14 Entire Agreement. This Agreement and the agreements referenced herein constitute the entire agreement and understanding of the
parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the parties hereto to the extent they relate in any way to the subject matter hereof. 

5.15 Material Adverse Change. In the event of (i) any material adverse change to the business, financials, operations or prospects
of Navitas or (ii) the occurrence of any event that has a material adverse effect on the ability of LOKB and the Sponsor to consummate the Business Combination (a “Material Adverse Change”), LOKB and the Sponsor shall notify
Encompass in writing within one (1) business day of the occurrence thereof. No failure by LOKB and/or the Sponsor to give notice hereunder shall in any way determine that a Material Adverse Change has not occurred or affect in any way the right
of Encompass to terminate this Agreement upon the occurrence of a Material Adverse Change in accordance with Section 5.1(iii). 

[Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have each caused this Backstop Agreement to be duly
executed as of the date first written above. 
  

			
	LOKB:
	
	LIVE OAK ACQUISITION CORP. II
		
	By:	 	 /s/ Richard J. Hendrix

	Name:	 	Richard J. Hendrix
	Title:	 	Chief Executive Officer
	
	THE SPONSOR:
	
	LIVE OAK SPONSOR PARTNERS II, LLC
		
	By:	 	 /s/ Richard J. Hendrix

	Name:	 	Richard J. Hendrix
	Title:	 	Managing Member
	
	ENCOMPASS:
	
	ENCOMPASS CAPITAL ADVISORS LLC
		
	By:	 	 /s/ Larry Kassman

	Name:	 	Larry Kassman
	Title:	 	Chief Financial Officer

 Exhibit A 

Form W-9 

[Intentionally omitted.]

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