Document:

Exhibit 10.8

 

Execution Version

 

GUARANTY AND SURETYSHIP AGREEMENT

 

THIS GUARANTY AND SURETYSHIP AGREEMENT
(this “Guaranty”) is made and entered into as of this 20th day of August 2021, by NEWEGG TECH, INC.,
a Delaware corporation (formerly known as Newegg Mall, Inc.) (“Newegg Tech”), CHIEFVALUE.COM, INC., a New Jersey
corporation (“ChiefValue” and together with Newegg Tech and with each other Person hereafter made a party hereto, the
“Guarantors” and each a “Guarantor”), each with an address at 17560 Rowland Street, City of Industry,
CA 91748, or such other address as may be indicated in the documentation pursuant to which such person is made a party hereto, in favor
of EAST WEST BANK (“East West”), in its capacity as administrative agent of the Secured Parties (in such capacity,
the “Agent”), with an address at 2350 Mission College Boulevard, Suite 988, Santa Clara, California 95054. Capitalized
terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Credit Agreement (as defined below).

 

WHEREAS, pursuant to that certain Revolving
Credit and Security Agreement, dated as of the date hereof, by and among Newegg Commerce, Inc., a business company incorporated with limited
liability under the laws of the British Virgin Islands (“Newegg Commerce”), Newegg Inc., a Delaware corporation (“Newegg”),
Newegg North America Inc., a Delaware corporation (“Newegg NorAm”), Newegg.com Americas Inc., a Delaware corporation
(“Newegg Americas”), Newegg Canada Inc., an Ontario corporation (“Newegg Canada”), Magnell Associate,
Inc., a California corporation (“Magnell”), Rosewill Inc., a Delaware corporation (“Rosewill”),
Newegg Business Inc., a Delaware corporation (“Newegg Biz”), Ozzo Inc., a Delaware corporation (“Ozzo”),
Newegg Staffing Inc., a Delaware corporation (“Newegg Staffing”), INOPC, INC., an Indiana corporation (“INOPC”),
CAOPC, Inc., a California corporation (“CAOPC”), NJOPC, Inc., a New Jersey corporation (“NJOPC”),
Newegg Logistics Services Inc., a Delaware corporation (“Newegg Logistics”), and Pure Facility Solutions Inc., a Delaware
corporation (“Pure Facility”) (Newegg Commerce, Newegg, Newegg NorAm, Newegg Americas, Newegg Canada, Magnell, Rosewill,
Newegg Biz, Ozzo, Newegg Staffing, INOPC, CAOPC, NJOPC, Newegg Logistics, Pure Facility and each other Person party to the below defined
Credit Agreement as a borrower from time to time, jointly and severally, collectively, “Borrowers,” and each, a “Borrower”),
the lenders from time to time party thereto (collectively, the “Lenders”) and East West as Agent, Sole Arranger, Book Runner
and Syndication Agent (as amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the
“Credit Agreement”), the Agent and the Lenders are willing to make certain loans and financial accommodations available
to the Borrowers from time to time pursuant to the terms and conditions thereof; and

 

WHEREAS, each Guarantor is an Affiliate
of the Borrowers and will indirectly benefit from the loans and financial accommodations extended to the Borrowers by Agent and the Lenders.

 

NOW, THEREFORE, each Guarantor, jointly
and severally, hereby agrees in favor of the Agent, for the benefit of the Secured Parties, as follows:

 

1. Guaranty
of Obligations. The Guarantors hereby, jointly and severally, unconditionally guarantee, and become surety for, the prompt payment
and performance of all “Obligations” as defined in the Credit Agreement owing by any Borrower at any time (including any interest
accruing thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization
or like proceeding relating to any Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding),
whether direct or indirect, absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, and all
costs and expenses, including reasonable attorneys’ fees and disbursements, incurred by Agent, on its behalf, on behalf of the Secured
Parties in connection with the enforcement or collection thereof, the enforcement of this Guaranty or any Other Documents made by any
Guarantor in favor of Agent or any Secured Party in connection with any of the foregoing (collectively, the “Obligations”).
If any Borrower defaults under any such Obligations (after giving effect to any applicable grace period), the Guarantors will, jointly
and severally, pay such amount due, to the Agent for the benefit of the Secured Parties.

 

     

     

    

 

2. Nature
of Guaranty; Waivers.

 

(a) This
is a guaranty of payment and not of collection and neither the Agent nor any Secured Party shall be required or obligated, as a condition
of any Guarantor’s liability, to make any demand upon or to pursue any of its rights against any Borrower, any other person, or
to pursue any rights which may be available to it with respect to any other person who may be liable for the payment of the Obligations.

 

(b) This
is an absolute, unconditional, irrevocable and continuing guaranty and, subject to the provisions of Section 3 hereof, will remain in
full force and effect until all of the Obligations (other than contingent indemnity obligations for which no claim has yet been made)
have been paid in full in cash or cash collateralized in accordance with the terms of the Credit Agreement, and the commitments of the
Secured Parties under the Credit Agreement have been terminated. This Guaranty will remain in full force and effect even if there is no
principal balance outstanding under the Obligations at a particular time or from time to time. This Guaranty will not be affected by any
surrender, exchange, acceptance, compromise or release by the Agent of any other party, or any other guaranty or any security held by
it for any of the Obligations, by any failure of the Agent to take any steps to perfect or maintain its lien or security interest in or
to preserve its rights to any security or other collateral for any of the Obligations or any guaranty, or by any irregularity, unenforceability
or invalidity of any of the Obligations or any part thereof or any security or other guaranty thereof. The Guarantors’ obligations
hereunder shall not be affected, modified or impaired by any counterclaim, set-off recoupment, deduction or defense based upon any claim
any Guarantor may have (directly or indirectly) against any Borrower, the Agent or any Secured Party, except payment or performance of
the Obligations.

 

(c) Notice
of acceptance of this Guaranty, notice of extensions of credit to any Borrower from time to time, notice of default, diligence, presentment,
notice of dishonor, protest, demand for payment, and any defense based upon the Agent’s failure to comply with the notice requirements
under Sections 9-611 and 9-612 of the Uniform Commercial Code as in effect from time to time are hereby waived. Each Guarantor waives,
to the fullest extent permitted by Applicable Law, all defenses based on suretyship or impairment of collateral.

 

(d) The
parties to the Credit Agreement and the Other Documents may, at any time and from time to time, without notice to or the consent of any
Guarantor, and without impairing or releasing, discharging or modifying the Guarantors’ liabilities hereunder, amend, modify, waive
or supplement such agreements and documents to (i) change the manner, place, time or terms of payment or performance of or interest rates
on, or other terms relating to, any of the Obligations; (ii) renew, substitute, modify, amend or alter, or grant consents or waivers relating
to any of the Obligations, any other guaranties, or any security for any Obligations or guaranties; (iii) apply any and all payments by
whomever paid or however realized including any proceeds of any collateral, to any Obligations of any Borrower in such order, manner and
amount as the Agent and the Secured Parties may determine in their sole discretion; (iv) settle, compromise or deal with any other person,
including any Borrower or any Guarantor, with respect to any Obligations in such manner as the Agent and the Secured Parties deem appropriate
in their sole discretion; (v) substitute, exchange or release any security or guaranty; or (vi) take such actions and exercise such remedies
hereunder as provided herein.

 

(e) Without
limiting any of the foregoing, each Guarantor waives, to the fullest extent permitted by Applicable Law (i) all rights and defenses arising
out of an election of remedies by the Agent or any Secured Party, even though that election of remedies, such as a nonjudicial foreclosure
with respect to security for a guaranteed obligation, may destroy such Guarantor’s rights of subrogation and reimbursement against
any Borrower, any other guarantor or any other Person by the operation of Section 580(d) of the California Code of Civil Procedure, any
comparable statute, or otherwise and (ii) all rights and defenses that such Guarantor may have because the Obligations are or become secured
by real property, which means, among other things: (A) the Agent and Secured Parties may collect from such Guarantor without first foreclosing
on any real property collateral or personal property collateral pledged by any Borrower or any guarantor and (B) if the Agent or any Secured
Party forecloses on any real property pledged by any Borrower or any guarantor: (1) the amount of the Obligations may be reduced only
by the price for which such real property is sold at the foreclosure sale, even if such real property is worth more than the sale price;
and (2) the Agent and Secured Parties may collect from such Guarantor even if the Agent or Secured Parties, by foreclosing on such real
property, have destroyed any right such Guarantor may have to collect from any Borrower or any other guarantor. The foregoing is an unconditional
and irrevocable waiver of any rights and defenses such Guarantor may have because the Obligations are secured by real property. These
rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California
Code of Civil Procedure or any comparable statutes. As provided in Section 19, this Guaranty shall be governed by, and construed in accordance
with, the laws of the State of New York. The foregoing provisions are included solely out of an abundance of caution and shall not be
construed to mean that any of the above referenced provisions of California law are in any way applicable to this Guaranty or the Obligations.

 

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3. Repayments
or Recovery. If any demand is made at any time upon the Agent or any Secured Party for the repayment or recovery of any amount
received by it in payment or on account of any of the Obligations and if the Agent or any Secured Party repays all or any part of such
amount by reason of any judgment, decree or order of any court or administrative body or by reason of any settlement or compromise of
any such demand, the Guarantors will be and remain liable hereunder for the amount so repaid or recovered to the same extent as if such
amount had never been received originally by the Agent or such Secured Party. The provisions of this section will be and remain effective
notwithstanding any contrary action which may have been taken by any Guarantor in reliance upon such payment, and any such contrary action
so taken will be without prejudice to the Agent’s and each Secured Party’s rights hereunder and will be deemed to have been
conditioned upon such payment having become final and irrevocable.

 

4. Keepwell.
If any Guarantor is a Qualified ECP Loan Party, then jointly and severally, together with each other Qualified ECP Loan Party, such Guarantor
hereby absolutely unconditionally and irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing by each
Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty of payment and not of collection), and (b) undertakes
to provide such funds or other support as may be needed from time to time by any Non-Qualifying Party to honor all of such Non-Qualifying
Party’s obligations under the Credit Agreement or any Other Document in respect of Swap Obligations (provided, however, that each
Guarantor that is a Qualified ECP Loan Party shall only be liable under this Section 4 for the maximum amount of such liability that can
be hereby incurred without rendering its obligations under this Section 4, or otherwise under this Guaranty or any Other Document, voidable
under Applicable Law, including Applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).
The obligations of each Guarantor that is a Qualified ECP Loan Party under this Section 4 shall remain in full force and effect until
payment in full of the Obligations and termination of this Guaranty and the Other Documents. Each Guarantor that is a Qualified ECP Loan
Party intends that this Section 4 constitute, and this Section 4 shall be deemed to constitute, a guarantee of the obligations of, and
a “keepwell, support, or other agreement” for the benefit of each other Borrower and Guarantor for all purposes of Section
1a(18)(A)(v)(II) of the CEA.

 

5. Enforceability
of Obligations. No modification, limitation or discharge of the Obligations arising out of or by virtue of any bankruptcy, reorganization
or similar proceeding for relief of debtors under Applicable Law will affect, modify, limit or discharge any Guarantor’s liability
in any manner whatsoever and this Guaranty will remain and continue in full force and effect and will be enforceable against each Guarantor
to the same extent and with the same force and effect as if any such proceeding had not been instituted. Each Guarantor waives, to the
fullest extent permitted by Applicable Law, all rights and benefits which might accrue to it by reason of any such proceeding and will
be liable to the full extent hereunder, irrespective of any modification, limitation or discharge of the liability of any Borrower that
may result from any such proceeding.

 

Each Guarantor expressly waives, to the fullest
extent permitted by law, the effect of any statute of limitations or other limitations on any actions under this Guaranty.

 

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6. Events
of Default. The occurrence of any Event of Default (as defined in the Credit Agreement) shall be an “Event of Default”
hereunder. Upon the occurrence and continuance of any Event of Default, (a) on demand of the Agent, the Guarantors shall, jointly and
severally, pay to the Agent, for the benefit of the Secured Parties, the amount of the Obligations; or (b) on demand of the Agent, the
Guarantors shall immediately deposit with the Agent, in U.S. dollars, all amounts due or to become due under the Obligations, and the
Agent may at any time use such funds to repay the Obligations; or (c) the Agent in its discretion may exercise with respect to any collateral
any one or more of the rights and remedies provided a secured party under the applicable version of the Uniform Commercial Code; or (d)
the Agent and the Secured Parties, in their discretion, may exercise from time to time any other rights and remedies available to them
at law, in equity or otherwise.

 

7. Right
of Setoff. In addition to all liens upon and rights of setoff against each Guarantor’s money, securities or other property
given to the Agent or any Secured Party by law, the Agent, for the benefit of the Secured Parties, shall have, with respect to the Guarantors’
obligations under this Guaranty and to the extent permitted by Applicable Law, a contractual possessory security interest in and a contractual
right of setoff against, and each Guarantor hereby grants the Agent, for the benefit of the Secured Parties, a security interest in, and
hereby assigns, conveys, delivers, pledges and transfers to the Agent, for the benefit of the Secured Parties, all of such Guarantor’s
right, title and interest in and to, all of such Guarantor’s deposits, moneys, securities and other property now or hereafter in
the possession of or on deposit with, or in transit to, the Agent or any other direct or indirect affiliate or subsidiary of the Agent,
whether held in a general or special account or deposit, whether held jointly with someone else, or whether held for safekeeping or otherwise,
excluding, however, all IRA, Keogh, and trust accounts. Every such security interest and right of setoff may be exercised without demand
upon or notice to any Guarantor. Every such right of setoff shall be deemed to have been exercised immediately upon the occurrence of
an Event of Default hereunder without any action of the Agent or any Secured Party, although the Agent and the Secured Parties may enter
such setoff on their books and records at a later time.

 

8. Collateral.
This Guaranty is secured by the property described in that certain Pledge and Security Agreement, dated the date hereof, by the Guarantors
in favor of the Agent, and any other collateral security documents which any Guarantor executes and delivers in favor of the Agent and
by such other collateral as previously may have been or may in the future be granted to the Agent to secure any Obligations of the Guarantors
or any of them.

 

9. Costs.
To the extent provided for in the Credit Agreement, if the Agent or any Secured Party incurs any costs or expenses in protecting or enforcing
its rights under the Obligations or this Guaranty, including reasonable attorneys’ fees and the costs and expenses of litigation,
such costs and expenses will be due and payable in accordance with the terms of the Credit Agreement, will be included in the Obligations
and will, to the extent provided for in the Credit Agreement, bear interest from the incurring or payment thereof at the Default Rate
(as defined in the Credit Agreement).

 

10. Postponement
of Subrogation. Until all of the Obligations (other than contingent indemnity obligations for which no claim has yet been made)
have been paid in full in cash or cash collateralized in accordance with the terms of the Credit Agreement, and the commitments of the
Secured Parties under the Credit Agreement have been terminated, and are not subject to any right of revocation or rescission, each Guarantor
postpones and subordinates in favor of the Agent and the Secured Parties any and all rights which such Guarantor may have to (a) assert
any claim whatsoever against any Borrower based on subrogation, exoneration, reimbursement, or indemnity or any right of recourse to security
for the Obligations with respect to payments made hereunder, and (b) any realization on any property of any Borrower, including participation
in any marshalling of any Borrower’s assets.

 

11. Notices.
All notices, demands, requests, consents, approvals and other communications required or permitted hereunder (“Notices”)
must be in writing and shall be given in the manner set forth in Section 16.6 of the Credit Agreement.

 

12. Preservation
of Rights. No delay or omission on the Agent’s or any Secured Party’s part to exercise any right or power arising
hereunder will impair any such right or power or be considered a waiver of any such right or power, nor will the Agent’s or any
Secured Party’s action or inaction impair any such right or power. The Agent’s and the Secured Parties’ rights and remedies
hereunder are cumulative and not exclusive of any other rights or remedies which such Secured Party may have under other agreements, at
law or in equity. The Agent and the Secured Parties may proceed in any order against any Borrower, any Guarantor or any other obligor
of, or collateral securing, the Obligations. The enumeration of the foregoing rights and remedies is not intended to be exhaustive and
the exercise of any rights or remedy shall not preclude the exercise of any other right or remedies provided for herein or otherwise provided
by Applicable Law, all of which shall be cumulative and not alternative.

 

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13. Illegality.
If any part of this Guaranty is contrary to, prohibited by, or deemed invalid under Applicable Laws, such provision shall be inapplicable
and deemed omitted to the extent so contrary, prohibited or invalid, but the remainder hereof shall not be invalidated thereby and shall
be given effect so far as possible.

 

14. Changes
in Writing. No modification, amendment or waiver of, or consent to any departure by any Guarantor from, any provision of this
Guaranty will be effective unless made in a writing signed by the Agent, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on any Guarantor will entitle any Guarantor to any other
or further notice or demand in the same, similar or other circumstance.

 

15. Entire
Agreement. This Guaranty (including the documents and instruments referred to herein), together with the Credit Agreement and
the Other Documents, constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral,
between the Guarantors and the Agent with respect to the subject matter hereof; provided, however, that this Guaranty is in addition to,
and not in substitution for, any other guarantees from any Guarantor to the Agent.

 

16. Successors
and Assigns. This Guaranty will be binding upon each Guarantor and their respective successors and assigns, and inure to the benefit
of the Agent, the Secured Parties and their respective successors and assigns. No Guarantor may assign this Guaranty in whole or in part
without the Agent’s prior written consent and the Agent and the Secured Parties may at any time assign their respective interests
in this Guaranty in whole or in part as permitted by the Credit Agreement.

 

17. Interpretation.
In this Guaranty, unless the Agent and the Guarantors otherwise agree in writing, the singular includes the plural and the plural the
singular; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute
referred to; the word “or” shall be deemed to include “and/or”, the words “including”, “includes”
and “include” shall be deemed to be followed by the words “without limitation”; and references to sections or
exhibits are to those of this Guaranty. Section headings in this Guaranty are included for convenience of reference only and shall not
constitute a part of this Guaranty for any other purpose. The obligations of all Guarantors executing this Guaranty are joint and several.

 

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18. Indemnity.
Each Guarantor shall defend, protect, indemnify, pay and save harmless the Agent, Issuer, each Secured Party and each of their respective
officers, directors, Affiliates, attorneys, employees and agents (each an “Indemnified Party”) for and from and against
any and all claims, demands, liabilities, obligations, losses, damages, penalties, fines, actions, judgments, suits, costs, charges, expenses
and disbursements of any kind or nature whatsoever (including reasonable fees and disbursements of counsel (including allocated costs
of internal counsel)) (collectively, “Claims”) which may be imposed on, incurred by, or asserted against any Indemnified
Party arising out of or in any way relating to or as a consequence, direct or indirect, of: (i) this Guaranty, the Other Documents, the
Advances and other Obligations and/or the transactions contemplated hereby and thereby; (ii) any action or failure to act or action taken
only after delay or the satisfaction of any conditions by any Indemnified Party in connection with and/or relating to the negotiation,
execution, delivery or administration of this Guaranty, the Credit Agreement and the Other Documents, the credit facilities established
hereunder and thereunder and/or the transactions contemplated hereby; (iii) any Guarantor’s failure to observe, perform or discharge
any of its covenants, obligations, agreements or duties under or breach of any of the representations or warranties made in this Guaranty
and the Other Documents; (iv) the enforcement of any of the rights and remedies of the Agent, Issuer or any Secured Party under this Guaranty,
the Credit Agreement and the Other Documents; (v) any threatened or actual imposition of fines or penalties, or disgorgement of benefits,
for violation of any Anti-Terrorism Law by any Borrower or Guarantor or any Affiliate or Subsidiary thereof; and (vi) any claim, litigation,
proceeding or investigation instituted or conducted by any Governmental Body or instrumentality or any other Person with respect to any
aspect of, or any transaction contemplated by, or referred to in, or any matter related to, this Guaranty, the Credit Agreement or the
Other Documents, whether or not the Agent or any Secured Party is a party thereto. Without limiting the generality of any of the foregoing,
each Guarantor shall defend, protect, indemnify, pay and save harmless each Indemnified Party from (x) any Claims which may be imposed
on, incurred by, or asserted against any Indemnified Party arising out of or in any way relating to or as a consequence, direct or indirect,
of the issuance of any Letter of Credit hereunder and (y) any Claims which may be imposed on, incurred by, or asserted against any Indemnified
Party under any Environmental Laws with respect to or in connection with the Real Property, any Hazardous Discharge, the presence of any
Hazardous Materials affecting the Real Property (whether or not the same originates or emerges from the Real Property or any contiguous
real estate), including any Claims consisting of or relating to the imposition or assertion of any Lien on any of the Real Property under
any Environmental Laws and any loss of value of the Real Property as a result of the foregoing except to the extent such loss, liability,
damage and expense is attributable to any Hazardous Discharge resulting from actions on the part of the Agent or any Secured Party. Each
Guarantor’s obligations under this Section 18 shall arise upon the discovery of the presence of any Hazardous Materials at the Real
Property, whether or not any federal, state, or local environmental agency has taken or threatened any action in connection with the presence
of any Hazardous Materials, in each such case except to the extent that any of the foregoing arises out of the gross negligence or willful
misconduct of the Indemnified Party (as determined by a court of competent jurisdiction in a final and non-appealable judgment). Without
limiting the generality of the foregoing, this indemnity shall extend to any liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever (including fees and disbursements of counsel) asserted
against or incurred by any of the Indemnified Parties by any Person under any Environmental Laws or similar laws by reason of any Borrower’s,
any Guarantor’s or any other Person’s failure to comply with laws applicable to solid or hazardous waste materials, including
Hazardous Materials and Hazardous Waste, or other Toxic Substances. Additionally, if any taxes (excluding taxes imposed upon or measured
solely by the net income of the Agent and/or any of the Secured Parties individually or collectively, but including any intangibles taxes,
stamp tax, recording tax or franchise tax) shall be payable by the Agent, Secured Parties or Borrowers on account of the execution or
delivery of this Guaranty, the Credit Agreement, or the execution, delivery, issuance or recording of any of the Other Documents, or the
creation or repayment of any of the Obligations hereunder, by reason of any Applicable Law now or hereafter in effect, Guarantors will
pay (or will promptly reimburse the Agent and Secured Parties for payment of) all such taxes, including interest and penalties thereon,
and will indemnify and hold the Indemnified Parties harmless from and against all liability in connection therewith.

 

19. Governing
Law and Jurisdiction. This Guaranty and each Other Document (unless and except to the extent expressly provided otherwise in any
such Other Document), and all matters relating hereto or thereto or arising herefrom or therefrom (whether arising under contract law,
tort law or otherwise) shall, in accordance with Section 5-1401 of the General Obligations Law of the State of New York, be governed by
and construed in accordance with the laws of the State of New York, without regard to any conflict of laws principles which would have
the effect of applying the laws of any other jurisdiction. Any judicial proceeding brought by or against any Guarantor with respect to
any of the Obligations, this Guaranty, the Credit Agreement, the Other Documents or any related agreement may be brought in any court
of competent jurisdiction in the State of New York, United States of America, and, by execution and delivery of this Guaranty, each Guarantor
accepts for itself and in connection with its properties, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid
courts, and irrevocably agrees to be bound by any judgment rendered thereby in connection with this Guaranty. Each Guarantor hereby waives
personal service of any and all process upon it and consents that all such service of process may be made by certified or registered mail
(return receipt requested) directed to Borrowing Agent at its address set forth in Section 16.6 of the Credit Agreement and service so
made shall be deemed completed five (5) days after the same shall have been so deposited in the mails of the United States of America,
or, at the Agent’s option, by service upon Borrowing Agent which each Guarantor irrevocably appoints as such Guarantor’s agent
for the purpose of accepting service within the State of New York. Nothing herein shall affect the right to serve process in any manner
permitted by Applicable Law or shall limit the right of the Agent or any Secured Party to bring proceedings against any Guarantor or any
Borrower in the courts of any other jurisdiction. Each Guarantor waives any objection to jurisdiction and venue of any action instituted
hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. Each Guarantor waives
the right to remove any judicial proceeding brought against such Guarantor in any state court to any federal court. Any judicial proceeding
by any Guarantor against the Agent or any Secured Party involving, directly or indirectly, any matter or claim in any way arising out
of, related to or connected with this Guaranty or any related agreement, shall be brought only in a federal or state court located in
the County of New York, State of New York.

 

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20. Waiver
of Jury Trial; Judicial Reference.

 

(a) JURY
TRIAL WAIVER. EACH PARTY TO THIS GUARANTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, COUNTERCLAIM, DEMAND, ACTION
OR CAUSE OF ACTION (i) ARISING UNDER THIS GUARANTY OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION
HEREWITH, OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT
TO THIS GUARANTY, OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED
HERETO OR THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE AND EACH
PARTY HEREBY CONSENTS THAT ANY SUCH CLAIM, COUNTERCLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY,
AND THAT ANY PARTY TO THIS GUARANTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENTS OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

 

(b) JUDICIAL
REFERENCE. IN THE EVENT THAT ANY ACTION OR PROCEEDING IS COMMENCED OR MAINTAINED IN ANY COURT IN THE STATE OF CALIFORNIA WITH RESPECT
TO ANY CONTROVERSY, DISPUTE OR CLAIM (EACH, A “CONTROVERSY”) BETWEEN ANY OF THE PARTIES TO THIS GUARANTY OR ARISING
OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, AND THE WAIVER OF
JURY TRIAL SET FORTH ABOVE IS NOT ENFORCEABLE, AND EACH PARTY TO SUCH ACTION DOES NOT SUBSEQUENTLY WAIVE IN AN EFFECTIVE MANNER UNDER
CALIFORNIA LAW ITS RIGHT TO A TRIAL BY JURY, THE PARTIES HERETO HEREBY ELECT TO PROCEED AS FOLLOWS:

 

(i) WITH THE EXCEPTION OF THE ITEMS
SPECIFIED IN CLAUSE (ii) BELOW, ALL CONTROVERSIES WILL BE RESOLVED BY A REFERENCE PROCEEDING IN ACCORDANCE WITH THE PROVISIONS OF
SECTIONS 638, ET SEQ. OF THE CALIFORNIA CODE OF CIVIL PROCEDURE (“CCP”), OR THEIR SUCCESSOR SECTIONS, WHICH SHALL
CONSTITUTE THE EXCLUSIVE REMEDY FOR THE RESOLUTION OF ANY CONTROVERSY, INCLUDING WHETHER THE CONTROVERSY IS SUBJECT TO THE REFERENCE
PROCEEDING. EXCEPT AS OTHERWISE PROVIDED ABOVE, VENUE FOR THE REFERENCE PROCEEDING WILL BE IN ANY COURT IN WHICH VENUE IS
APPROPRIATE UNDER APPLICABLE LAW (THE “COURT”).

 

(ii) THE
MATTERS THAT SHALL NOT BE SUBJECT TO A REFERENCE ARE THE FOLLOWING: (A) NON-JUDICIAL FORECLOSURE OF ANY SECURITY INTERESTS IN PERSONAL
PROPERTY; (B) EXERCISE OF SELF HELP REMEDIES (INCLUDING SET-OFF); (C) APPOINTMENT OF A RECEIVER; AND (D) TEMPORARY, PROVISIONAL OR ANCILLARY
REMEDIES (INCLUDING WRITS OF ATTACHMENT, WRITS OF POSSESSION, TEMPORARY RESTRAINING ORDERS OR PRELIMINARY INJUNCTIONS). THIS GUARANTY
DOES NOT LIMIT THE RIGHT OF ANY PARTY TO EXERCISE OR OPPOSE ANY OF THE RIGHTS AND REMEDIES DESCRIBED IN CLAUSES (A) AND (B) OR TO SEEK
OR OPPOSE FROM A COURT OF COMPETENT JURISDICTION ANY OF THE ITEMS DESCRIBED IN CLAUSES (C) AND (D). THE EXERCISE OF, OR OPPOSITION TO,
ANY OF THOSE ITEMS DOES NOT WAIVE THE RIGHT OF ANY PARTY TO A REFERENCE PURSUANT TO THIS GUARANTY.

 

    - 7 -

     

    

 

(iii) THE
REFEREE SHALL BE A RETIRED JUDGE OR JUSTICE SELECTED BY MUTUAL WRITTEN AGREEMENT OF THE PARTIES. IF THE PARTIES DO NOT AGREE WITHIN TEN
(10) DAYS OF A WRITTEN REQUEST TO DO SO BY ANY PARTY, THEN, UPON REQUEST OF ANY PARTY, THE REFEREE SHALL BE SELECTED BY THE PRESIDING
JUDGE OF THE COURT (OR HIS OR HER REPRESENTATIVE). A REQUEST FOR APPOINTMENT OF A REFEREE MAY BE HEARD ON AN EX PARTE OR EXPEDITED BASIS,
AND THE PARTIES AGREE THAT IRREPARABLE HARM WOULD RESULT IF EX PARTE RELIEF IS NOT GRANTED.

 

(iv) EXCEPT
AS EXPRESSLY SET FORTH IN THIS GUARANTY, THE REFEREE SHALL DETERMINE THE MANNER IN WHICH THE REFERENCE PROCEEDING IS CONDUCTED INCLUDING
THE TIME AND PLACE OF HEARINGS, THE ORDER OF PRESENTATION OF EVIDENCE, AND ALL OTHER QUESTIONS THAT ARISE WITH RESPECT TO THE COURSE OF
THE REFERENCE PROCEEDING. ALL PROCEEDINGS AND HEARINGS CONDUCTED BEFORE THE REFEREE, EXCEPT FOR TRIAL, SHALL BE CONDUCTED WITHOUT A COURT
REPORTER, EXCEPT THAT WHEN ANY PARTY SO REQUESTS, A COURT REPORTER WILL BE USED AT ANY HEARING CONDUCTED BEFORE THE REFEREE, AND THE REFEREE
WILL BE PROVIDED A COURTESY COPY OF THE TRANSCRIPT. THE PARTY MAKING SUCH A REQUEST SHALL HAVE THE OBLIGATION TO ARRANGE FOR THE COURT
REPORTER. SUBJECT TO THE REFEREE’S POWER TO AWARD COSTS TO THE PREVAILING PARTY, GUARANTORS WILL PAY THE COST OF THE REFEREE AND
ALL COURT REPORTERS.

 

(v) THE
REFEREE SHALL BE REQUIRED TO DETERMINE ALL ISSUES IN ACCORDANCE WITH EXISTING APPLICABLE CASE LAW AND STATUTORY LAW. THE RULES OF EVIDENCE
APPLICABLE TO PROCEEDINGS AT LAW IN THE COURT WILL BE APPLICABLE TO THE REFERENCE PROCEEDING. THE REFEREE SHALL BE EMPOWERED TO ENTER
EQUITABLE AS WELL AS LEGAL RELIEF, ENTER EQUITABLE ORDERS THAT WILL BE BINDING ON THE PARTIES AND RULE ON ANY MOTION THAT WOULD BE AUTHORIZED
IN A COURT PROCEEDING. THE REFEREE SHALL ISSUE A DECISION AT THE CLOSE OF THE REFERENCE PROCEEDING WHICH DISPOSES OF ALL CLAIMS OF THE
PARTIES THAT ARE THE SUBJECT OF THE REFERENCE. PURSUANT TO CCP SECTION 644, SUCH DECISION SHALL BE ENTERED BY THE COURT AS A JUDGMENT
OR AN ORDER IN THE SAME MANNER AS IF THE ACTION HAD BEEN TRIED BY THE COURT AND ANY SUCH DECISION WILL BE FINAL, BINDING AND CONCLUSIVE.
THE PARTIES RESERVE THE RIGHT TO APPEAL FROM THE FINAL JUDGMENT OR ORDER OR FROM ANY APPEALABLE DECISION OR ORDER ENTERED BY THE REFEREE.
THE PARTIES RESERVE THE RIGHT TO FINDINGS OF FACT, CONCLUSIONS OF LAWS, A WRITTEN STATEMENT OF DECISION, AND THE RIGHT TO MOVE FOR A NEW
TRIAL OR A DIFFERENT JUDGMENT, WHICH NEW TRIAL, IF GRANTED, IS ALSO TO BE A REFERENCE PROCEEDING UNDER THIS PROVISION.

 

(vi) THE
PROVISIONS OF THIS SECTION 20(b) ARE INCLUDED OUT OF AN ABUNDANCE OF CAUTION AND NEITHER THE INCLUSION OF THIS SECTION 20(b), NOR ANY
REFERENCE TO CALIFORNIA LAW CONTAINED HEREIN SHALL BE DEEMED TO AFFECT OR LIMIT IN ANY WAY THE PARTIES’ CHOICE OF NEW YORK LAW PURSUANT
TO SECTION 19 HEREOF.

 

Each Guarantor acknowledges that it has read
and understood all the provisions of this Guaranty, including the waiver of jury trial, and has been advised by counsel as necessary or
appropriate.

 

[signature pages follow]

 

    - 8 -

     

    

 

WITNESS the due execution
hereof, as of the date first written above, with the intent to be legally bound hereby.

 

	 	NEWEGG TECH, INC.,
	 	a Delaware corporation

 

	 	By:	/s/ Yueh-Pai “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer

 

	 	CHIEFVALUE.COM, INC.,
	 	a New Jersey corporation

 

	 	By:	/s/ Yueh-Pai “Robert” Chang
	 	Name: 	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer

 

Signature Page to Guaranty and Suretyship Agreement

 

     

     

    

 

ACCEPTED AND AGREED:

 

EAST WEST BANK

as Administrative Agent

 

	By:	/s/ Linda Lee	 
	 	Name: Linda Lee	 
	 	Title: Senior Vice
    President	 

 

Signature Page to Guaranty and Suretyship AgreementExhibit
10.9

  

Execution
Version 

 

 

INTERCOMPANY
SUBORDINATION AGREEMENT

 

THIS
INTERCOMPANY SUBORDINATION AGREEMENT (as may be as amended, modified, renewed, extended, or replaced from time to time, this “Agreement”),
dated as of August 20, 2021, is made among the Obligors (as defined below), EAST WEST BANK (“East West”), as
administrative agent and collateral agent for the below defined Lenders (East West, in such capacity, “Agent”), in
light of the following:

 

WHEREAS,
pursuant to that certain Revolving Credit and Security Agreement, dated as of the date hereof, by and among Newegg Commerce, Inc., a
business company incorporated with limited liability under the laws of the British Virgin Islands (“Newegg Commerce”),
Newegg Inc., a Delaware corporation (“Newegg”), Newegg North America Inc., a Delaware corporation (“Newegg
NorAm”), Newegg.com Americas Inc., a Delaware corporation (“Newegg Americas”), Newegg Canada Inc., an Ontario
corporation (“Newegg Canada”), Magnell Associate, Inc., a California corporation (“Magnell”), Rosewill
Inc., a Delaware corporation (“Rosewill”), Newegg Business Inc., a Delaware corporation (“Newegg Biz”),
Ozzo Inc., a Delaware corporation (“Ozzo “), Newegg Staffing Inc., a Delaware corporation (“Newegg Staffing”),
INOPC, INC., an Indiana corporation (“INOPC”), CAOPC, Inc., a California corporation (“CAOPC”),
NJOPC, Inc., a New Jersey corporation (“NJOPC”), Newegg Logistics Services Inc., a Delaware corporation (“Newegg
Logistics”), and Pure Facility Solutions Inc., a Delaware corporation (“Pure Facility”) (Newegg Commerce,
Newegg, Newegg NorAm, Newegg Americas, Newegg Canada, Magnell, Rosewill, Newegg Biz, Ozzo, Newegg Staffing, INOPC, CAOPC, NJOPC, Newegg
Logistics, Pure Facility and each other Person party to the below defined Credit Agreement as a borrower from time to time, jointly and
severally, collectively, “Borrowers,” and each, a “Borrower”), the lenders from time to time party
thereto (collectively, the “Lenders”) and East West, as Administrative Agent, Collateral Agent, Sole Arranger and
Book Runner (as amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the “Credit
Agreement”), the Lenders are willing to make certain loans and financial accommodations available to the Borrowers from time
to time pursuant to the terms and conditions thereof;

 

WHEREAS
, each Obligor has made or may make certain loans or advances from time to time to one or more other Obligors; and

 

WHEREAS,
each Obligor has agreed to subordinate in favor of Agent, for the benefit of the Lenders, all indebtedness of the other Obligors owing
to such Obligor, upon the terms and subject to the conditions set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises, covenants, conditions, representations, and warranties set forth herein and for
other good and valuable consideration, the parties hereto agree as follows:

 

SECTION
1. Definitions; Interpretation.

 

(a)
Terms Defined in Credit Agreement. All capitalized terms used in this Agreement and not otherwise defined herein shall have the
meanings assigned to them in the Credit Agreement.

 

     

     

    

 

(b)
Certain Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Insolvency
Events” has the meaning set forth in Section 3 of this Agreement.

 

“Obligors”
means, individually and collectively, the Borrowers and the Guarantors. From time to time, additional Persons may become “Borrowers”
under the Credit Agreement or Guarantors or grantors of security and, as a result, shall be deemed added to the definition of “Obligors”
hereunder.

 

“Senior
Debt” means the Obligations.

 

“Subordinated
Debt” means, with respect to each Obligor, all indebtedness, liabilities, and other obligations of each other Obligor owing
to such Obligor in respect of any and all loans or advances made by such Obligor to such other Obligor whether now existing or hereafter
arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, including
all fees and all other amounts payable by such other Obligor to such Obligor under or in connection with any documents or instruments
related thereto.

 

“Subordinated
Debt Payment” means any payment or distribution by or on behalf of any Obligor, directly or indirectly, of assets of such Obligor
of any kind or character, whether in cash, property, or securities, including on account of the purchase, redemption, or other acquisition
of Subordinated Debt, as a result of any collection, sale, or other disposition of Collateral, or by setoff, exchange, or in any other
manner, in each case for or on account of any Subordinated Debt.

 

(c)
Interpretation. Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular,
references to the singular include the plural, the term “including” is not limiting, and the term “or” has, except
where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,”
“hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to any
particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references are to this Agreement unless otherwise
specified. References to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other
modifications thereto. References to statutes or regulations are to be construed as including all statutory and regulatory provisions
consolidating, amending, or replacing the statute or regulation referred to. The captions and headings are for convenience of reference
only and shall not affect the construction of this Agreement.

 

SECTION
2. Subordination to Payment of Senior Debt. As to each Obligor, all payments on account of the Subordinated Debt shall be subject,
subordinate, and junior, in right of payment and exercise of remedies, to the extent and in the manner set forth herein, to the prior
payment, in full, in cash or cash equivalents, of the Senior Debt.

 

    2

     

    

 

SECTION
3. Subordination Upon Any Distribution of Assets of Obligors. As to each Obligor, in the event of any payment or distribution
of assets of any other Obligor of any kind or character, whether in cash, property, or securities, upon the dissolution, winding up,
or total or partial liquidation or reorganization, readjustment, arrangement, or similar proceeding relating to such other Obligor or
its property, whether voluntary or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon
an assignment for the benefit of creditors, or upon any other marshaling or composition of the assets and liabilities of such other Obligor,
or otherwise (such events, collectively, the “Insolvency Events”): (i) all amounts owing on account of the Senior
Debt shall first be paid, in full, in cash, or payment provided for in cash or in cash equivalents, before any Subordinated Debt Payment
is made; and (ii) to the extent permitted by Applicable Law, any Subordinated Debt Payment to which such Obligor would be entitled except
for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver, assignee for the benefit of creditors,
or other liquidating agent making such payment or distribution directly to Agent for application to the payment of the Senior Debt in
accordance with clause (i), after giving effect to any concurrent payment or distribution or provision therefor to Agent in respect of
such Senior Debt.

 

SECTION
4. Payments on Subordinated Debt.

 

(a)
Permitted Payments. So long as no Default or Event of Default has occurred and is continuing, each Obligor may make, and each
other Obligor shall be entitled to accept and receive, any Subordinated Debt Payment.

 

(b)
No Payment Upon Senior Debt Defaults. Upon the occurrence of any Default or Event of Default, and until such Default or Event
of Default is cured or waived, each Obligor shall not make, and each other Obligor shall not accept or receive, any Subordinated Debt
Payment, except to the extent expressly permitted pursuant to the Credit Agreement.

 

SECTION
5. Subordination of Remedies. Until all Senior Debt has been repaid in full, in cash or cash equivalents, and all commitments
of Agent to extend credit under the Credit Agreement and the Other Documents have been irrevocably terminated, following the occurrence
of any Default or Event of Default and until such Default or Event of Default is cured or waived, each Obligor shall not, without the
prior written consent of Agent:

 

(a)
accelerate, make demand, or otherwise make due and payable prior to the original due date thereof any Subordinated Debt or bring suit
or institute any other actions or proceedings to enforce its rights or interests in respect of the obligations of any other Obligor owing
to such Obligor;

 

(b)
exercise any rights under or with respect to guaranties of the Subordinated Debt, if any;

 

(c)
exercise any rights to set-offs and counterclaims in respect of any indebtedness, liabilities, or obligations of such Obligor to any
other Obligor against any of the Subordinated Debt; or

 

(d)
commence, or cause to be commenced, or join with any creditor other than Agent in commencing, any bankruptcy, insolvency, or receivership
proceeding against any other Obligor.

 

    3

     

    

 

SECTION
6. Payment Over to the Agent. In the event that, notwithstanding the provisions of Sections 3, 4, and 5 hereof,
any Subordinated Debt Payments shall be received in contravention of such Sections 3, 4, and 5 by any Obligor before
all Senior Debt is paid, in full, in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the benefit
of Agent and shall be paid over or delivered to Agent for application to the payment, in full, in cash or cash equivalents of all Senior
Debt remaining unpaid to the extent necessary to give effect to such Sections 3, 4, and 5, after giving effect to
any concurrent payments or distributions to Agent in respect of the Senior Debt.

 

SECTION
7. Authorization to the Agent. If, while any Subordinated Debt is outstanding, there is an occurrence and continuation of a Default
or Event of Default with respect to any other Obligor or its property: (i) Agent is hereby irrevocably authorized and empowered (in the
name of each Obligor or otherwise), but shall have no obligation, to demand, sue for, collect, and receive every payment or distribution
in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs of claim and take such other action (including
voting the Subordinated Debt) as it may deem necessary or advisable for the exercise or enforcement of any of the rights or interests
of Agent; and (ii) each Obligor shall promptly take such action as Agent reasonably may request (A) to collect the Subordinated Debt
for the account of Agent and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute and deliver
to Agent such powers of attorney, assignments, and other instruments as it may reasonably request to enable it to enforce any and all
claims with respect to the Subordinated Debt, and (C) to collect and receive any and all Subordinated Debt Payments.

 

SECTION
8. Certain Agreements of Each Obligor.

 

(a)
No Benefits. Each Obligor understands that there may be various agreements between Agent and any other Obligor evidencing and
governing the Senior Debt, and each Obligor acknowledges and agrees that such agreements are not intended to confer any benefits on such
Obligor and that Agent shall have no obligation to such Obligor or any other Person to exercise any rights, enforce any remedies, or
take any actions which may be available to them under such agreements.

 

(b)
No Interference. Each Obligor acknowledges that each other Obligor has granted to Agent a security interest in all or certain
portions of such Obligor’s assets, and agrees not to interfere with or in any manner oppose a disposition of any Collateral by
Agent in accordance with Applicable Law.

 

(c)
Reliance by the Agent. Each Obligor acknowledges and agrees that Agent will have relied upon and will continue to rely upon the
subordination provisions provided for herein and the other provisions hereof in entering into the Other Documents and making or issuing
the Advances thereunder.

 

(d)
Waivers. Except as provided under the Credit Agreement, each Obligor waives any and all notice of the incurrence of the Senior
Debt or any part thereof and any right to require marshaling of assets.

 

    4

     

    

 

(e)
Obligations of Each Obligor Not Affected. Each Obligor agrees that at any time and from time to time, without notice to or the
consent of such Obligor, without incurring responsibility to such Obligor, and without impairing or releasing the subordination provided
for herein or otherwise impairing the rights of Agent hereunder: (i) the time for any other Obligor’s performance of or compliance
with any of its agreements contained in the Other Documents may be extended or such performance or compliance may be waived by Agent;
(ii) the agreements of any other Obligor with respect to the Other Documents may from time to time be modified by such other Obligor
and Agent in writing for the purpose of adding any requirements thereto or changing in any manner the rights and obligations of such
other Obligor or Agent thereunder; (iii) the manner, place, or terms for payment of Senior Debt or any portion thereof may be altered
or the terms for payment extended, or the Senior Debt may be renewed in whole or in part; (iv) the maturity of the Senior Debt may be
accelerated in accordance with the terms of the Credit Agreement; (v) any Collateral may be sold, exchanged, released, or substituted
and any Lien in favor of Agent may be terminated, subordinated, or fail to be perfected or become unperfected; (vi) any Person liable
in any manner for Senior Debt may be discharged, released, or substituted; and (vii) all other rights against the other Obligors, any
other Person, or with respect to any Collateral may be exercised (or Agent may waive or refrain from exercising such rights).

 

(f)
Rights of the Agent Not to Be Impaired. No right of Agent to enforce the subordination provided for herein or to exercise its
other rights hereunder shall at any time in any way be prejudiced or impaired by any act or failure to act by any Obligor or Agent hereunder
or under or in connection with the Other Documents or by any noncompliance by such other Obligor with the terms and provisions and covenants
herein or in any Other Document, regardless of any knowledge thereof Agent may have or otherwise be charged with.

 

(g)
Financial Condition of Obligors. Except as provided under the Credit Agreement, each Obligor shall not have any right to require
Agent to obtain or disclose any information with respect to: (i) the financial condition or character of any other Obligor or the ability
of such other Obligor to pay and perform Senior Debt; (ii) the Senior Debt; (iii) the Collateral or other security for any or all of
the Senior Debt; (iv) the existence or nonexistence of any guarantees of, or any other subordination agreements with respect to, all
or any part of the Senior Debt; or (v) any action or inaction on the part of Agent or any Lender or any other Person otherwise permitted
under the Credit Agreement

 

(h)
Acquisition of Liens or Guaranties. Each Obligor shall not, without the prior consent of Agent (which consent shall be granted,
withheld, conditioned or delayed within Agent’s Permitted Discretion), acquire any right or interest in or to any Collateral not
owned by such Obligor or accept any guaranties for the Subordinated Debt which are not currently existing or being entered into in connection
with the transactions contemplated by the Other Documents.

 

SECTION
9. Subrogation.

 

(a)
Subrogation. Until the payment and performance in full of all Senior Debt, each Obligor shall not have, and shall not directly
or indirectly exercise, any rights that it may acquire by way of subrogation under this Agreement, by any payment or distribution hereunder
or otherwise. Upon the payment and performance in full of all Senior Debt, each Obligor shall be subrogated to the rights of Agent to
receive payments or distributions applicable to the Senior Debt until the Subordinated Debt shall be paid in full. For the purposes of
the foregoing subrogation, no payments or distributions by any Obligor to Agent of any cash, property, or securities to which any other
Obligor would be entitled except for the provisions of Section 3, 4, or 5 shall, as among such Obligor, its creditors
(other than Agent), and the other Obligors, be deemed to be a payment by such Obligor to or on account of the Senior Debt.

 

    5

     

    

 

(b)
Payments Over to Obligors. If any payment or distribution to which any Obligor would otherwise have been entitled but for the
provisions of Section 3, 4, or 5 hereof shall have been applied pursuant to the provisions of Section 3,
4, or 5 hereof to the payment of all amounts payable under the Senior Debt, such Obligor shall be entitled to receive from
Agent any payments or distributions received by Agent in excess of the amount sufficient to pay in full all amounts payable under or
in respect of the Senior Debt. If any such excess payment is made to Agent, Agent shall promptly remit such excess to such Obligor and
until so remitted shall hold such excess payment for the benefit of such Obligor.

 

SECTION
10. Continuing Agreement; Reinstatement.

 

(a)
Continuing Agreement. This Agreement is a continuing agreement of subordination and shall continue in effect and be binding upon
each Obligor until payment and performance in full of the Senior Debt. The subordinations, agreements, and priorities set forth herein
shall remain in full force and effect regardless of whether any party hereto in the future seeks to rescind, amend, terminate, or reform,
by litigation or otherwise, its respective agreements with any other Obligor.

 

(b)
Reinstatement. This Agreement shall continue to be effective or shall be reinstated, as the case may be, if, for any reason, any
payment of the Senior Debt by or on behalf of the other Obligor shall be rescinded or must otherwise be restored by Agent, whether as
a result of an Insolvency Event or otherwise.

 

SECTION
11. Transfer of Subordinated Debt. Each Obligor may not assign or transfer its rights and obligations in respect of the Subordinated
Debt without the prior written consent of Agent (unless such assignment or transfer would result in an Obligor hereunder being the assignee
or transferee), and any such transferee or assignee, as a condition to acquiring an interest in the Subordinated Debt shall agree to
be bound hereby, in form satisfactory to Agent.

 

SECTION
12. Obligations of Obligors Not Affected. The provisions of this Agreement are intended solely for the purpose of defining the
relative rights of each Obligor against the other Obligors, on the one hand, and of Agent against such other Obligors, on the other hand.
Nothing contained in this Agreement shall (i) impair, as between each Obligor and each other Obligor, the obligation of such other Obligor
to pay its obligations with respect to the Subordinated Debt as and when the same shall become due and payable, or (ii) otherwise affect
the relative rights of each Obligor against each other Obligor, on the one hand, and of the creditors (other than Agent) of such other
Obligor against such other Obligor, on the other hand.

 

    6

     

    

 

SECTION
13. Endorsement of Obligor Documents; Further Assurances and Additional Acts.

 

(a)
Endorsement of Obligor Documents. At the request of Agent, all documents and instruments evidencing any of the Subordinated Debt,
if any, shall be endorsed with a legend noting that such documents and instruments are subject to this Agreement, and each Obligor shall
promptly deliver to Agent evidence of the same.

 

(b)
Further Assurances and Additional Acts. Each Obligor shall execute, acknowledge, deliver, file, notarize, and register at its
own expense all such further agreements, instruments, certificates, financing statements, documents, and assurances, and perform such
acts as Agent reasonably shall deem necessary or appropriate to effectuate the purposes of this Agreement, and promptly provide Agent
with evidence of the foregoing reasonably satisfactory in form and substance to Agent.

 

SECTION
14. Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing
(including by facsimile transmission) and shall be mailed, sent, or delivered in accordance with the notice provisions contained in the
Credit Agreement. For the purposes hereof, the address of each party hereto shall be as set forth in the Credit Agreement or, as to any
such party, such other address as shall be designated by such party in a written notice to the other parties hereto.

 

SECTION
15. No Waiver; Cumulative Remedies. No failure on the part of Agent to exercise, and no delay in exercising, any right, remedy,
power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy,
power, or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power, or privilege. The
rights and remedies under this Agreement are cumulative and not exclusive of any rights, remedies, powers, and privileges that may otherwise
be available to Agent.

 

SECTION
16. Costs and Expenses. Each of the Obligors jointly and severally agrees to pay to Agent on demand all reasonable costs and expenses
of Agent, and the reasonable fees and disbursements of counsel, in connection with the negotiation, preparation, execution, delivery,
administration, enforcement or attempted enforcement of, and preservation of rights or interests under, this Agreement (including any
amendments, modifications, or waivers of the terms hereof), including any losses, costs and expenses sustained by Agent as a result of
any failure by any Obligor to perform or observe its obligations contained in this Agreement.

 

SECTION
17. Survival. All covenants, agreements, representations and warranties made in this Agreement shall, except to the extent otherwise
provided herein, survive the execution and delivery of this Agreement, and shall continue in full force and effect so long as any Senior
Debt remains unpaid. Without limiting the generality of the foregoing, the obligations of each Obligor under Section 16 shall
survive the satisfaction of the Senior Debt.

 

SECTION
18. Benefits of Agreement. This Agreement is entered into for the sole protection and benefit of the parties hereto and their
successors and assigns, and no other Person shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause
of action or claim in connection with, this Agreement.

 

    7

     

    

 

SECTION
19. Binding Effect. This Agreement shall be binding upon, inure to the benefit of and be enforceable by each Obligor, Agent and
their respective successors and permitted assigns.

 

SECTION
20. Choice of Law and Venue. THE VALIDITY OF THIS INTERCOMPANY SUBORDINATION AGREEMENT, ITS CONSTRUCTION, INTERPRETATION
AND ENFORCEMENT, AND THE RIGHTS OF EACH OBLIGOR AND AGENT, SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK. EACH OBLIGOR HEREBY AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS INTERCOMPANY
SUBORDINATION AGREEMENT SHALL BE TRIED AND DETERMINED ONLY IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, BOROUGH
OF MANHATTAN, STATE OF NEW YORK, OR, AT THE SOLE OPTION OF AGENT, IN ANY OTHER COURT IN WHICH AGENT SHALL INITIATE LEGAL OR EQUITABLE
PROCEEDINGS AND WHICH HAS SUBJECT MATTER JURISDICTION OVER THE MATTER IN CONTROVERSY. EACH OBLIGOR HEREBY EXPRESSLY WAIVES ANY RIGHT
IT MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE
WITH THIS SECTION 20.

 

SECTION
21. Waiver of Jury Trial. EACH OBLIGOR HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY ACTION, CAUSE OF ACTION, CLAIM,
DEMAND, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS INTERCOMPANY SUBORDINATION AGREEMENT, OR IN ANY WAY CONNECTED WITH, RELATED
TO, OR INCIDENTAL TO THE DEALINGS OF EACH OBLIGOR AND AGENT WITH RESPECT TO THIS INTERCOMPANY SUBORDINATION AGREEMENT, OR THE TRANSACTIONS
RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. EACH OBLIGOR
HEREBY AGREES THAT ANY SUCH ACTION, CAUSE OF ACTION, CLAIM, DEMAND, OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY AND
THAT AGENT MAY FILE AN ORIGINAL COUNTERPART OF THIS SECTION 21 WITH ANY COURT OR OTHER TRIBUNAL AS WRITTEN EVIDENCE OF THE CONSENT
OF EACH OBLIGOR TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

SECTION
22. Entire Agreement; Amendments and Waivers.

 

(a)
Entire Agreement. This Agreement constitutes the entire agreement of each of the Obligors and Agent with respect to the matters
set forth herein and supersedes any prior agreements, commitments, drafts, communications, discussions, and understandings, oral or written,
with respect thereto.

 

    8

     

    

 

(b)
Amendments and Waivers. No amendment to any provision of this Agreement shall in any event be effective unless the same shall
be in writing and signed by each of the Obligors and Agent; and no waiver of any provision of this Agreement, or consent to any departure
by any Obligor therefrom, shall in any event be effective unless the same shall be in writing and signed by Agent. Any such amendment,
waiver, or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

SECTION
23. Conflicts. In case of any conflict or inconsistency between any terms of this Agreement, on the one hand, and any documents
or instruments in respect of the Subordinated Debt, on the other hand, then the terms of this Agreement shall control.

 

SECTION
24. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and
valid under all Applicable Laws and regulations. If, however, any provision of this Agreement shall be prohibited by or invalid under
any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements
of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent
of such prohibition or invalidity without affecting the remaining provisions of this Agreement or the validity or effectiveness of such
provision in any other jurisdiction.

 

SECTION
25. Interpretation. This Agreement is the result of negotiations between, and have been reviewed by the respective counsel to,
the Obligors and Agent and is the product of all parties hereto. Accordingly, this Agreement shall not be construed against any party
merely because of such party’s involvement in the preparation hereof.

 

SECTION
26. Counterparts; Telefacsimile Execution. This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of this Agreement by telefacsimile shall be equally effective
as delivery of an executed original counterpart of this Agreement. Any party delivering an executed counterpart of this Agreement by
telefacsimile also shall deliver an original executed counterpart but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Agreement. This Agreement shall become effective as to each Obligor upon
the execution and delivery of a counterpart hereof by such Obligor (whether or not a counterpart hereof shall have been executed and
delivered by any other Obligor).

 

SECTION
27. Termination of Agreement. Upon final payment and performance in full, in cash or cash equivalents, of the Senior Debt, and
the termination of the Lenders’ obligations to lend under the Credit Agreement, this Agreement shall terminate and Agent shall
promptly execute and deliver to each Obligor such documents and instruments as shall be necessary to evidence such termination; provided,
however, that the obligations of each Obligor under Section 16 shall survive such termination until satisfaction thereof.

 

[Signature
Pages Follow]

 

    9

     

    

 

IN
WITNESS WHEREOF, the undersigned has executed and delivered this Agreement as of the date first written above.

 

	 	OBLIGORS:
	 	 	 
	 	NEWEGG COMMERCE, INC.,
	 	a British Virgin Islands business company
	 	incorporated with limited liability
	 	 	 
	 	By:	/s/ Anthony
    Chow
	 	Name: 	Anthony Chow
	 	Title:	Chief Executive Officer
	 	 	 
	 	NEWEGG INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Anthony Chow
	 	Name:	Anthony Chow
	 	Title:	Chief Executive Officer
	 	 	 
	 	NEWEGG NORTH AMERICA INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai“Robert”
    Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	NEWEGG.COM AMERICAS INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	NEWEGG CANADA INC.,
	 	an Ontario corporation
	 	 	 
	 	By:	/s/ Yueh-Pai“Robert”
    Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer

 

Signature
Page to Intercompany Subordination Agreement (Newegg)

 

    

     

    

 

	 	MAGNELL ASSOCIATE, INC.,
	 	a California corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name: 	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	ROSEWILL INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	NEWEGG BUSINESS INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	OZZO INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	NEWEGG STAFFING INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer

 

Signature
Page to Intercompany Subordination Agreement (Newegg)

 

    

     

    

 

	 	INOPC, INC.,
	 	an Indiana corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:  	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	CAOPC, INC.,
	 	a California corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	NJOPC, INC.,
	 	a New Jersey corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	NEWEGG LOGISTICS SERVICES INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	NEWEGG FACILITY SOLUTIONS INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer

 

Signature
Page to Intercompany Subordination Agreement (Newegg)

 

    

     

    

 

	 	NUTREND AUTOMOTIVE INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name: 	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	NEWEGG TEXAS, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title:	Chief Financial Officer
	 	 	 
	 	CHIEFVALUE.COM, INC.,
	 	a New Jersey corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer
	 	 	 
	 	NEWEGG TECH, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/ Yueh-Pai
    “Robert” Chang
	 	Name:  	Yueh-Pai “Robert” Chang
	 	Title :	Chief Financial Officer

 

Signature
Page to Intercompany Subordination Agreement (Newegg)

 

    

     

    

 

	 	AGENT:
	 	 
	 	EAST WEST BANK
	 	 	 
	 	By:	/s/
    Linda Lee
	 	Name: 	Linda Lee
	 	Title :	Senior Vice President

 

Signature
Page to Intercompany Subordination Agreement (Newegg)

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