Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 133

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 133
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 subject to redemption by the corporation at its option or at the option of the holders of such stock provided there remains outstanding
shares with full voting power. Such stock may be made redeemable for cash, property or rights, as specified in the certificate of incorporation
or in the resolution of the board of directors providing for the issue of such stock. As permitted by BVI law and our Amended and Restated
Memorandum and Articles of Association, we may purchase, redeem or otherwise acquire any of our own shares for such consideration as our
directors may determine if the directors are satisfied, on reasonable grounds, that immediately after the acquisition the value of our
assets will exceed our liabilities and we will be able to pay our debts as they fall due. Shares that the Company purchases, redeems or
otherwise acquires may be cancelled or held as treasury shares except to the extent that such shares are in excess of 50% of the issued
shares in which case they shall be cancelled to the extent of such excess but they shall be available for reissue.

Variation of Rights of Shares

Under Delaware corporate law, a corporation may
vary the rights of a class of shares with the approval of a majority of the outstanding shares of such class, unless the certificate of
incorporation provides otherwise. As permitted by BVI law and our Amended and Restated Memorandum and Articles of Association, if at any
time the shares are divided into different classes, the rights attached to any class may only be varied, whether or not the Company is
in liquidation, by a resolution passed at a meeting by a majority of the votes cast by those entitled to vote at a meeting of the holders
of the issued shares in that class.

Removal of Directors

Under Delaware corporate law, a director of a
corporation with a classified board may be removed only for cause with the approval of a majority of the outstanding shares entitled to
vote, unless the certificate provides otherwise. As permitted by BVI law and our Amended and Restated Memorandum and Articles of Association,
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 (i) 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 upon, the written request of the