Common use of Proxy Term Clause in Contracts

Proxy Term. 3.1 With respect to the Domestic Co, the proxy term under this Agreement shall commence from the effective date hereof and end upon: (i) the Completion Date (as defined below) of the transfer of the Equity Interest in its entirety to Newegg Inc., a Delaware corporation (“Newegg Inc”), Tekhill and/or their designee(s); or (ii) dissolution of the Domestic Co, whichever is earlier. The “Completion Date” of transfer of the Equity Interest in its entirety shall mean the Domestic Co shall have completed all formalities regarding change of registration of its shareholders with the competent industrial and commercial administration and that Newegg Inc., Tekhill and/or their designee(s) shall have become the legitimate holder(s) of all the Equity Interest.