Company: NEGG
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036055
Chunk: 124

Company: Newegg Commerce, Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 124
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 Any director or member of a committee of the Board or the board of a subsidiary that is appointed or nominated by Digital Grid shall be removed from their position upon and only upon, the writt...  

Requirements of Board Approval on Certain
Matters

In addition, the Amended and Restated Memorandum
and Articles of Association also provides that, as long as the number of common shares held by Legacy Shareholders represents more than
ten percent (10%) of the total voting power of all outstanding common shares of the Company, the Company agrees not to take, or permit
our subsidiaries to take, certain actions, without the approval of the affirmative vote of not less than a majority of the number of votes
represented by the directors, which majority must include one of the directors designated by the Minority Representative as being the
Primary Minority Board Appointee. Such actions include the following:

  initiate any liquidation, dissolution, bankruptcy filing or similar action, recapitalization, share combination or division, restructuring or reorganization of the Company or any of its subsidi...  

  ii.      other than to the Company or a wholly-owned subsidiary thereof, sell, license, transfer or otherwise dispose of (including through merger or consolidation) all or substantially all of the asset...  

  iii.      agree to any merger, consolidation or combination of the Company or any of its subsidiaries, or to a sale of all or substantially all of the assets of the Company in connection with a Company S...  
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  iv.      commence or undertake any Reorganization (as defined in the Amended and Restated Memorandum and Articles of Association);  
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  issue, directly or indirectly, any equity interest of the Company or permit any of the subsidiaries to issue any equity interest other than, in each case, any Excluded Issuance (as defined in t...  
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  vi.      materially alter or fundamentally change the nature of the business of the Company and its Subsidiaries;  
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  vii.      amend, change, or waive any provision of, the