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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Exhibit 10.5

SYNERGY CHC CORP.

2024 EQUITY INCENTIVE PLAN

1. Purpose.
The purpose of the Synergy CHC Corp. 2024 Equity Incentive Plan (the “Plan”) is to provide a means through which Synergy
CHC Corp. (“the Company”) and its Affiliates may attract and retain key personnel and to provide a means whereby directors,
officers, employees, consultants and advisors (and prospective directors, officers, employees, consultants and advisors) of the Company
and its Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may (but need
not) be measured by reference to the value of the Common Stock, thereby strengthening their commitment to the welfare of the Company and
its Affiliates and aligning their interests with those of the Company’s shareholders.

2. Definitions.
The following definitions shall be applicable throughout the Plan:

(a) “Affiliate”
means, at the time of determination, (i) any person or entity that directly or indirectly controls, is controlled by or is under common
control with the Company and/or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant
interest. The term “control” (including, with correlative meaning, the terms “controlled by” and “under
common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of such person or entity, whether through the ownership of voting or other securities,
by contract or otherwise. The Committee will have the authority to determine the time or times at which “Affiliate” is determined
within the forgoing definition.

(b) “Award”
means, individually or collectively, any Incentive Stock Option, Non-Qualified Stock Option, Stock Appreciation Right, Restricted Stock,
Restricted Stock Unit, Stock Bonus Award, and Performance Compensation Award granted under the Plan.

(c) “Board”
means the Board of Directors of the Company.

(d) “Business Combination”
has the meaning given such term in the definition of “Change in Control.”

(e) “Cause”
shall have the meaning set forth in the applicable Participant’s employment or similar agreement with the Company or its Affiliates
and in the absence of such agreement or definition, shall mean (i) the Company or an Affiliate having “cause” to terminate
a Participant’s employment or service, as defined in any employment or consulting or similar agreement between the Participant and
the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment or consulting or similar
agreement (or the absence of any definition of “Cause” contained therein), (A) gross misconduct by the Participant which results
in loss, damage or injury to the Company or any of its Affiliates, its goodwill, business or reputation; (B) the commission or attempted
commission of an act of embezzlement, fraud or breach of fiduciary duty which results in loss, damage or injury to the Company or any
of its Affiliates, its goodwill, business or reputation; (C) the unauthorized disclosure or misappropriation of any trade secret or confidential
information of the Company, any of its Affiliate or any third party who has a business relationship with the Company; (D) the Participant’s
conviction of or plea of nolo contendere to, a felony under any state or federal law; (E) the violation (or potential violation) by the
Participant, in any material respect, of a non-competition, non-solicitation, nondisclosure or assignment of inventions covenant between
the Participant and the Company or any of its Affiliates; (F) the Participant’s failure to perform the Participant’s assigned
duties and responsibilities to the reasonable satisfaction of the Company which failure continues, in the reasonable judgment of the Company,
after written notice given to the Participant by the Company; or (G) the use of controlled substances, illicit drugs, alcohol or other
substances or behavior which interferes with the Participant’s ability to perform his or her services for the Company or any of
its Affiliates or which otherwise results in loss, damage or injury to the Company, its goodwill, business or reputation. Any determination
of whether Cause exists shall be made by the Committee in its sole discretion.

(f) “Change in Control”
shall, in the case of a particular Award, unless the applicable Award agreement states otherwise or contains a different definition of
“Change in Control,” be deemed to occur upon:

(i) Any sale, lease, exchange
or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Company;

(ii) Any “Person”
as such term is used in Section 13(d) and Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
becomes, directly or indirectly, the “beneficial owner” as defined in Rule 13d-3 under the Exchange Act of securities of the
Company that represent fifty percent (50%) or more of the combined voting power of the Company’s then outstanding voting securities
(the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Section
2(f)(ii), the following acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the Company principally
for bona fide equity financing purposes, (II) any acquisition by the Company, (III) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Affiliate, (IV) any acquisition by any corporation pursuant to a transaction that
complies with Sections 2(f)(iv)(A) and 2(f)(iv)(B), (V) any acquisition involving beneficial ownership of less than fifty
percent (50%) of the then-outstanding Common Stock (the “Outstanding Company Common Stock”) or the Outstanding Company
Voting Securities that is determined by the Board, based on review of public disclosure by the acquiring Person with respect to its passive
investment intent, not to have a purpose or effect of changing or influencing the control of the Company; provided, however,
that for purposes of this clause (V), any such acquisition in connection with (x) an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents or (y) any “Business Combination”
(as defined below) shall be presumed to be for the purpose or with the effect of changing or influencing the control of the Company;

(iii) During any period of
not more than two (2) consecutive years, individuals who constitute the Board as of the beginning of the period (the “Incumbent
Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a
director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds
(2/3) of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in
which such person is named as a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided,
however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened
election contest with respect to directors or as a result of any other actual or threatened solicitation of proxies by or on behalf of
any person other than the Board will be deemed to be an Incumbent Director;

(iv) Consummation of a merger,
amalgamation or consolidation (a “Business Combination”) of the Company with any other corporation, unless, following
such Business Combination, (A) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding
Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly
or indirectly, more than fifty percent (50%) of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent
securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors
(or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination
(including, without limitation, an entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior
to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be,
and (B) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the
entity resulting from such Business Combination were Incumbent Directors at the time of the execution of the initial agreement or of the
action of the Board providing for such Business Combination;

(v) Shareholder approval of
a plan of complete liquidation of the Company.