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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or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the Committee herein, and that may be so delegated as a matter of law, except for grants of Awards to persons subject to Section 16 of the Exchange Act. (d) Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all persons or entities, including, without limitation, the Company, any Affiliate, any Participant, any holder or beneficiary of any Award, and any shareholder of the Company.

(e) No member of the Board,
the Committee, delegate of the Committee or any employee or agent of the Company (each such person, an “Indemnifiable Person”)
shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award
hereunder. Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability,
or expense (including attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting
from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved
by reason of any action taken or omitted to be taken under the Plan or any Award agreement and against and from any and all amounts paid
by such Indemnifiable Person with the Company’s approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction
of any judgment in any such action, suit or proceeding against such Indemnifiable Person, provided that the Company shall have
the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent
to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing
right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication
(in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s bad faith, fraud or willful criminal act
or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Articles of Incorporation or
Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such Indemnifiable
Persons may be entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of law, or otherwise, or any other
power that the Company may have to indemnify such Indemnifiable Persons or hold them harmless.

(f) Notwithstanding anything
to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer
the Plan with respect to such Awards. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

5. Grant of Awards;
Shares Subject to the Plan; Limitations.

(a) The Committee may, from
time to time, grant Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Stock Bonus Awards and/or Performance
Compensation Awards to one or more Eligible Persons.

(b) Subject to Section 12
of the Plan, Awards granted under the Plan shall be subject to the following limitations: (i) the Committee is authorized to deliver under
the Plan an aggregate of fifteen million five hundred twenty five thousand (15,525,000) shares of Common Stock, all of which may be issued
pursuant to the exercise of Incentive Stock Options; and (ii) the maximum number of shares of Common Stock that may be granted under the
Plan during any single fiscal year to any Participant who is a non-employee director, when taken together with any cash fees paid to such
non-employee director during such year in respect of his or her service as a non-employee director (including service as a member or chair
of any committee of the Board), shall not exceed seven hundred and fifty thousand dollars ($750,000) in total value (calculating the value
of any such Awards based on the grant date fair value of such Awards for financial reporting purposes); provided that the non-employee
directors who are considered independent (under the rules of The NASDAQ Stock Market or other securities exchange on which the Common
Stock is traded) may make exceptions to this limit for a non-executive chair of the Board, if any, in which case the non-employee Director
receiving such additional compensation may not participate in the decision to award such compensation.

(c) In the event that (i) any
Option or other Award granted hereunder is exercised through the tendering of Common Stock (either actually or by attestation) or by the
withholding of Common Stock by the Company, or (ii) tax or deduction liabilities arising from such Option or other Award are satisfied
by the tendering of Common Stock (either actually or by attestation) or by the withholding of Common Stock by the Company, then in each
such case the Common Stock so tendered or withheld shall be added to the Common Stock available for grant under the Plan on a one-for-one
basis. Shares underlying Awards under the Plan that are forfeited, cancelled, expire unexercised, or are settled in cash are available
again for Awards under the Plan.

(d) Common Stock delivered by
the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased
on the open market or by private purchase, or a combination of the foregoing.

(e) Awards may, in the sole
discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted
by an entity acquired by the Company or with which the Company combines (“Substitute Awards”). The number of shares
of Common Stock underlying any Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available
for Awards under the Plan.

6. Eligibility.
Participation shall be limited to Eligible Persons who have entered into an Award agreement or who have received written notification
from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan.

7. Options.

(a) Generally. Each Option
granted under the Plan shall be evidenced by an Award agreement (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)). Each Option so granted shall be subject to
the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in
the applicable Award agreement. All Options granted under the Plan shall be Non-Qualified Stock Options unless the applicable Award agreement
expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options shall be granted only to Eligible
Persons who are employees of the Company and its Affiliates, and no Incentive Stock Option shall be granted to any Eligible Person who
is ineligible to receive an Incentive Stock Option under the Code. No Option shall be treated as an Incentive Stock Option unless the
Plan has been approved by the shareholders of the Company in a manner intended to comply with the stockholder approval requirements of
Section 422(b)(1) of the Code; provided that any Option intended to be an Incentive Stock Option shall not fail to be effective
solely on account of a failure to obtain such approval, but rather such Option shall be treated as a Non-Qualified Stock Option unless
and until such approval is obtained. In the case of an Incentive Stock Option, the terms and conditions of such grant shall be subject
to and comply with such rules as may be prescribed by Section 422 of the Code. If for any reason an Option intended to be an Incentive
Stock Option (or any portion thereof) shall not qualify as an Incentive Stock Option, then, to the extent of such non-qualification, such
Option or portion thereof shall be regarded as a Non-Qualified Stock Option appropriately granted under the Plan.