SEC Filing Document

Company: Synergy CHC Corp.
Ticker: SNYR
CIK: 1562733
Filing Type: 8-K
Document Type: EX-10.1
Date Filed: 2025-06-04
Accession Number: 0001213900-25-050984
Exchange: Nasdaq
SIC Code: 2833
SIC Description: Medicinal Chemicals & Botanical Products
URL: https://www.sec.gov/Archives/edgar/data/1562733/000121390025050984/ea024464201ex10-1_synergy.htm

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or any successor thereto. “Remedial Action” means any action (a) to correct or address any actual, alleged or threatened non-compliance with any Environmental Law or Environmental Permit, or (b) to clean up, remove, remediate, contain, treat, monitor, assess, evaluate, investigate, prevent, minimize or in any other way address any environmental condition or the presence, Release or threatened Release of any Hazardous Material (including the performance of pre-remedial studies and investigations and post-remedial operation and maintenance activities). “Replacement Lender” has the meaning specified therefor in Section 11.2(c). “Report” has the meaning specified therefor in Section 9.13(a). “Reportable Event” means an event described in Section 4043 of ERISA (other than an event not subject to the provision for 30-day notice to the PBGC under the regulations promulgated under such Section). “Required Lenders” means Lenders whose Pro Rata Shares (calculated in accordance with clause (b) of the definition thereof) aggregate at least 50.1%.

“Requirements of Law”
means, with respect to any Person, collectively, the common law and all federal, state, provincial, local, foreign, multinational or international
laws, statutes, codes, treaties, standards, rules and regulations, guidelines, ordinances, orders, judgments, writs, injunctions, decrees
(including administrative or judicial precedents or authorities), and the interpretation or administration thereof by, and other determinations,
directives, requirements or requests of any Governmental Authority, in each case that are applicable to or binding upon such Person or
any of its property or to which such Person or any of its property is subject.

“Resignation Effective
Date” has the meaning specified therefor in Section 9.7(a).

“Restricted Payment”
means (a) the declaration or payment of any dividend or other distribution, direct or indirect, on account of any Equity Interests of
any Loan Party or any of its Subsidiaries, now or hereafter outstanding, together with any payment or distribution pursuant to a “plan
of division” under the Delaware Limited Liability Company Act or any comparable transaction under any similar law, (b) the making
of any repurchase, redemption, retirement, defeasance, sinking fund or similar payment, purchase or other acquisition for value, direct
or indirect, of any Equity Interests of any Loan Party or any direct or indirect parent of any Loan Party, now or hereafter outstanding,
(c) the making of any payment to retire, or to obtain the surrender of, any outstanding warrants, options or other rights for the purchase
or acquisition of shares of any class of Equity Interests of any Loan Party, now or hereafter outstanding, (d) the return of any Equity
Interests to any shareholders or other equity holders of any Loan Party or any of its Subsidiaries, or make any other distribution of
property, assets, shares of Equity Interests, warrants, rights, options, obligations or securities thereto as such, or (e) the payment
of any management, consulting, monitoring or advisory fees or any other fees or expenses (including the reimbursement thereof by any Loan
Party or any of its Subsidiaries) pursuant to any management, consulting, monitoring, advisory or other services agreement to any of the
shareholders or other equityholders of any Loan Party or any of its Subsidiaries or other Affiliates, or to any other Subsidiaries or
Affiliates of any Loan Party.

“Sale and Leaseback
Transaction” means, with respect to the Borrower or any of its Subsidiaries, any arrangement, directly or indirectly, with any
Person whereby the Borrower or any of its Subsidiaries shall sell or transfer any property used or useful in its business, whether now
owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the
same purpose or purposes as the property being sold or transferred.

“Sanctioned Country”
means, at any time, a country or territory that is the subject or target of any Sanctions that broadly prohibit dealings with that country
or territory (which, as of the Effective Date, include Crimea, Cuba, Iran, North Korea, Sudan and Syria).

“Sanctioned Person”
means, at any time, (a) any Person listed in OFAC’s Specially Designated Nationals and Blocked Persons List, OFAC’s Sectoral
Sanctions Identification List, and any other Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State,
the United Nations Security Council, the European Union, Her Majesty’s Treasury of the United Kingdom, Germany, Canada, Australia,
or other relevant sanctions authority, (b) a Person that resides in, is organized in or located in, or has a place of business in,
a country or territory named on any list referred to in clause (a) of this definition or a country or territory that is designated as
a “Non-Cooperative Jurisdiction” by the Financial Action Task Force on Money Laundering, or whose subscription funds are transferred
from or through any such jurisdiction (each of the foregoing in this clause (b), a “Sanction Target”), or a Person
that owns 50% or more of the Equity Interests of, or is otherwise controlled by, or is acting on behalf of, one or more Sanction Targets,
(c) any Person with whom or with which a U.S. Person is prohibited from dealing under any of the Sanctions or (d) any Person owned
or controlled by any Person or Persons described in clause (a) or (b).

“Sanctions”
means Requirements of Law concerning or relating to economic or financial sanctions or trade embargoes imposed, administered or enforced
from time to time by OFAC, the U.S. Department of State, the European Union or Her Majesty’s Treasury of the United Kingdom.

“Sanction Target”
has the meaning specified therefor in the definition of “Sanctioned Person”.

“Sanders Notes”
means (a) those certain Senior Subordinated Debentures, dated as of March 8, 2022, issued by the Borrower to certain clients of Don A.
Sanders, as noteholders, in the original aggregate principal amount of $6,000,000, (b) that certain promissory note, dated as of February
10, 2022, issued by the Borrower in favor of Don A. Sanders, in the original principal amount of $2,000,000.

“Sanders Notes Interest
Payment Conditions” means, with respect to any payment of interest on any Sanders Note, the satisfaction of the following conditions:

of the date of any such interest payment and immediately after giving effect thereto, no Default or Event of Default has occurred and
is continuing;

(b) Liquidity
(prior to and after giving effect to such payment) shall not be less than $2,000,000;

(c) the
Fixed Charge Coverage Ratio of the Borrower and its Subsidiaries for the period of 12 fiscal months of the Borrower and its Subsidiaries
most recently ended prior to such payment (and, for the avoidance of doubt, without giving effect to such payment for purposes of determining
Consolidated Net Interest Expense), shall be not less than 1.20 to 1.00; and

(d) the
Administrative Agent shall have received a certificate of an Authorized Officer of the Borrower certifying as to compliance with the preceding
clauses and demonstrating (in reasonable detail) the calculation required thereby.

“Sanders Notes Principal
Payment Conditions” means, with respect to any payment or prepayment of principal on any Sanders Note, the satisfaction of the
following conditions:

of the date of any such principal payment and immediately after giving effect thereto, no Default or Event of Default has occurred and
is continuing;

(b) Liquidity
(prior to and after giving effect to such payment) shall not be less than $4,000,000;

(c) the
Fixed Charge Coverage Ratio of the Borrower and its Subsidiaries for the period of 12 fiscal months of the Borrower and its Subsidiaries
most recently ended prior to such payment (and, for the avoidance of doubt, without giving effect to such payment for purposes of determining
Consolidated Net Interest Expense), shall be not less than 1.20 to 1.00;

(d) the
Consolidated Senior Net Leverage Ratio of the Borrower and its Subsidiaries as of the end of such fiscal quarter of the Borrower ending
on or most recently preceding the date of such payment or prepayment was less than 2.75 to 1.00;

(e) such
payment or prepayment is made using only Net Cash Proceeds of an Equity Issuance which are not required to be applied as a mandatory prepayment
pursuant to Section 2.5(c)(v) in an amount not to exceed fifty percent (50%) of such Net Cash Proceeds; and

(f) the
Administrative Agent shall have received a certificate of an Authorized Officer of the Borrower certifying as to compliance with the preceding
clauses and demonstrating (in reasonable detail) the calculation required thereby.

“Sanders Subordination
Agreements” means, collectively, the Subordination Agreements, dated as of the date hereof, between ACP , on the one hand, and
each counterparty to a Sanders Note, on the other hand.

“SEC” means
the Securities and Exchange Commission or any other similar or successor agency of the Federal government administering the Securities
Act.

“Secured Party”
means any Agent, and any Lender.

“Securities Act”
means the Securities Act of 1933, as amended, or any similar federal statute, and the rules and regulations of the SEC thereunder, all
as the same shall be in effect from time to time.

“Securitization”
has the meaning specified therefor in Section 11.7(l).