SEC Filing Document

Company: Synergy CHC Corp.
Ticker: SNYR
CIK: 1562733
Filing Type: S-1/A
Document Type: EX-10.5
Date Filed: 2024-07-29
Accession Number: 0001013762-24-002165
Exchange: Nasdaq
SIC Code: 2833
SIC Description: Medicinal Chemicals & Botanical Products
URL: https://www.sec.gov/Archives/edgar/data/1562733/000101376224002165/ea020832402ex10-5_synergy.htm

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new Option or SAR, another Award or cash and (iii) the Committee may not take any other action that is considered a “repricing” for purposes of the shareholder approval rules of the applicable securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. 14. General. (a) Award Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (whether in paper or electronic medium (including email or the posting on a web site maintained by the Company or a third party under contract with the Company)) and shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation, the effect on such Award of the death, disability or termination of employment or service of a Participant, or of such other events as may be determined by the Committee. (b) Non-Transferability.

(i) Each Award shall be exercisable
only by a Participant during the Participant’s lifetime, or, if permissible under applicable law, by the Participant’s legal
guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant
other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a
beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

(ii) Notwithstanding the foregoing,
the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without
consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve the purposes
of the Plan, to: (A) any person who is a “family member” of the Participant, as such term is used in the instructions to Form
S-8 under the Securities Act (collectively, the “Immediate Family Members”); (B) a trust solely for the benefit of
the Participant and his or her Immediate Family Members; (C) a partnership or limited liability company whose only partners or stockholders
are the Participant and his or her Immediate Family Members; or (D) any other transferee as may be approved either (I) by the Board or
the Committee in its sole discretion, or (II) as provided in the applicable Award agreement. (each transferee described in clauses (A),
(B), (C) and (D) above is hereinafter referred to as a “Permitted Transferee”); provided that the Participant
gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the
Participant in writing that such a transfer would comply with the requirements of the Plan.

(iii) The terms of any Award
transferred in accordance with the immediately preceding sentence shall apply to the Permitted Transferee and any reference in the Plan,
or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted
Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees
shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form
covering the Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable
Award agreement, that such a registration statement is necessary or appropriate; (C) the Committee or the Company shall not be required
to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the
Participant under the Plan or otherwise; and (D) the consequences of the termination of the Participant’s employment by, or services
to, the Company or an Affiliate under the terms of the Plan and the applicable Award agreement shall continue to be applied with respect
to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent,
and for the periods, specified in the Plan and the applicable Award agreement.

(c) Tax Withholding and Deductions.

(i) A Participant shall be
required to pay to the Company or any Affiliate, and the Company or any Affiliate shall have the right and is hereby authorized to deduct
and withhold, from any cash, Common Stock, other securities or other property deliverable under any Award or from any compensation or
other amounts owing to a Participant, the amount (in cash, Common Stock, other securities or other property) of any required taxes (up
to the maximum statutory rate under applicable law as in effect from time to time as determined by the Committee) and deduction in respect
of an Award, its grant, vesting or exercise, or any payment or transfer under an Award or under the Plan and to take such other action
as may be necessary in the opinion of the Committee or the Company to satisfy all obligations for the payment of such taxes.

(ii) Without limiting the
generality of clause (i) above, the Committee may, in its sole discretion, determined on a case by case basis, permit a Participant to
satisfy, in whole or in part, the foregoing tax and deduction liability by (A) the delivery of Common Stock (which are not subject to
any pledge or other security interest and are Mature Shares, except as otherwise determined by the Committee) owned by the Participant
having a fair market value equal to such liability or (B) having the Company withhold from the number of shares of Common Stock otherwise
issuable or deliverable pursuant to the exercise or settlement of the Award a number of shares with a Fair Market Value equal to such
liability.

(d) No Claim to Awards; No
Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person, shall have any claim or right
to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award.
There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of
Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant
and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action
taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate,
nor shall it be construed as giving any Participant any rights to continued service on the Board. The Company or any of its Affiliates
may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim
under the Plan, unless otherwise expressly provided in the Plan or any Award agreement. By accepting an Award under the Plan, a Participant
shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related
to non-continuation of the Award beyond the period provided under the Plan or any Award agreement, notwithstanding any provision to the
contrary in any written employment contract or other agreement between the Company and its Affiliates and the Participant, whether any
such agreement is executed before, on or after the Date of Grant.

(e) Addenda. The Committee
may adopt such addenda to the Plan as it may consider necessary or appropriate for the purpose of granting Awards, which Awards may contain
such terms and conditions as the Committee deems necessary or appropriate to accommodate differences in local law, tax policy or custom,
which may deviate from the terms and conditions set forth in this Plan. The terms of any such addenda shall supersede the terms of the
Plan to the extent necessary to accommodate such differences but shall not otherwise affect the terms of the Plan as in effect for any
other purpose. With respect to Participants who reside or work outside of the United States of America, the Committee may in its sole
discretion amend the terms of the Plan or outstanding Awards with respect to such Participants in order to conform such terms with the
requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company or its Affiliates.