Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 131

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 131
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was of fair value to the corporation.

BVI law provides that every director of a BVI
company in exercising his powers or performing his duties shall act honestly and in good faith and in what the director believes to be
in the best interests of the company. Additionally, the director shall exercise the care, diligence, and skill that a reasonable director
would exercise in the same circumstances, taking into account the nature of the company, the nature of the decision and the position of
the director and his responsibilities. In addition, BVI law provides that a director shall exercise his powers as a director for a proper
purpose and shall not act, or agree to the company acting, in a manner that contravenes the Companies Act or the memorandum of association
or articles of association of the company.

Amendment of Governing Documents

Under Delaware corporate law, with very limited
exceptions, a vote of the shareholders is required to amend the certificate of incorporation. Under BVI law and our Amended and Restated
Memorandum and Articles of Association, we may amend the Amended and Restated Memorandum and Articles of Association by resolution of
shareholders or by resolution of directors, provided that no amendment may be made by resolution of directors: (a) to restrict the rights
or powers of the shareholders to amend the memorandum of association or the articles of association; (b) to change the percentage of shareholders
required to pass a resolution of shareholders to amend the memorandum of association or the articles of association; (c) in circumstances
where the memorandum of association or the articles of association cannot be amended by the shareholders; and (d) provided that the directors
may not amend certain sections of the Amended and Restated Memorandum and Articles of Association that would negatively affect existing
shareholders.

Written Consent of Directors

Under Delaware corporate law, directors may act
by written consent only on the basis of a unanimous vote. Under BVI law, directors’ consents need only a majority of directors signing
to take effect. Under our Amended and Restated Memorandum and Articles of Association, directors may act by written consents of all directors.

Written Consent of Shareholders

Under Delaware corporate law, unless otherwise
provided in the certificate of incorporation, any action to be taken at any annual or special meeting of shareholders of a corporation,
may be taken by written consent of the holders of outstanding stock having not less than the minimum number of votes that would be necessary
to take such action at a meeting. As permitted by