Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 122

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 122
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 at the offices of Vistra
Corporate Services Center, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands.

Objects of the Company

Under our Amended and Restated Memorandum and
Articles of Association, the objects of our Company are unrestricted and we have the full power and authority to carry out any object
not prohibited by the law of the British Virgin Islands.

Amendment

Clause 12.1 of our Amended and Restated Memorandum
provides that the Company may amend the Memorandum or the 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 or the Articles of Association; (b) to change the percentage of Shareholders required to pass a Resolution of Shareholders
to amend the Memorandum or the Articles of Association; (c) in circumstances where the Memorandum 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.

Rights of Certain Principal Shareholders

Appointment and Removal of the Directors

Pursuant to the Amended and Restated Memorandum
and Articles of Association and subject to compliance with applicable laws and Nasdaq Listing Rules, the board of the Company shall consist
of up to seven directors. Initially, four of the directors shall be appointed by Digital Grid, and three of the directors shall be appointed
by the Minority Representative.

If the number of Shares or other Equity Interests
(as defined in the Amended and Restated Memorandum and Articles of Association) of the Company held by the Legacy Shareholders represents
(i) more than two sevenths (2/7) of the total voting power of all outstanding Shares or other Equity Interests of the Company, then the
Minority Representative shall be entitled to appoint and replace three directors, (ii) 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 the Minority
Representative shall be entitled to appoint and replace two directors, (iii) less than or equal to one seventh (1/7) and more than five
percent (5%) of the total voting power of