Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 123

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 123
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 all outstanding Shares or other Equity Interests of the Company, then the Minority Representative
shall be entitled to appoint and replace one director, and (iv) less than or equal to five percent (5%) of the total voting power of all
outstanding Shares or other Equity Interests of the Company, then the Minority Representative shall no longer be entitled to appoint or
replace any directors.

If the number of Shares or other Equity Interests
held by Digital Grid or its affiliates represents (i) more than fifty percent (50%) of the total voting power of all outstanding Shares
or other Equity Interests of the Company, then Digital Grid shall be entitled to appoint and replace four directors, (ii) less than or
equal to fifty percent (50%) and more than two sevenths (2/7) of the total voting power of all outstanding Shares or other Equity Interests
of the Company, then Digital Grid shall be entitled to appoint and replace three directors, (iii) less than or equal to two sevenths (2/7)
and more than one seventh (1/7) of the total voting power of all outstanding Shares or other Equity Interests of the Company, then Digital
Grid shall be entitled to appoint and replace two directors, (iv) less than or equal to one seventh (1/7) and more than five percent (5%)
of the total voting power of all outstanding Shares or other Equity Interests of the Company, then Digital Grid shall be entitled to appoint
and replace one director, and (v) less than or equal to five percent (5%) of the total voting power of all outstanding Shares or other
Equity Interests of the Company, then Digital Grid shall no longer be entitled to appoint or replace any directors.

Any director positions which neither Digital Grid
nor the Minority Representative are entitled to appoint under the Amended and Restated Memorandum and Articles of Association shall be
appointed by a majority of the remaining directors, or by any other means allowed under the Amended and Restated Memorandum and Articles
of Association and the Companies Act.

A director or member of a committee of the Board
or the board of a subsidiary may be removed from his or her position, with cause, by the majority of the shareholders or the majority
of the Board; provided that

  Any director or member of a committee of the Board or the board of a subsidiary that is appointed or nominated by the Minority Representative shall be removed from their position upon and only ...  

  ii.