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

Chunk 5 of 12
Word Count: 1404
Character Count: 8531

Document Content:

the securities of the Company are listed or traded. 8. Stock Appreciation Rights. (a) Generally. Each SAR 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 SAR so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award SARs to Eligible Persons independent of any Option. (b) Exercise Price. The Exercise Price per Common Share for each SAR shall not be less than one hundred percent (100%) of the Fair Market Value of such share determined as of the Date of Grant.

(c) Vesting and Expiration.
A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such
manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined
by the Committee (the “SAR Period”); provided, however, that notwithstanding any vesting dates set by
the Committee, the Committee may, in its sole discretion, accelerate the exercisability of any SAR, which acceleration shall not affect
the terms and conditions of such SAR other than with respect to exercisability. Unless otherwise provided by the Committee in an Award
agreement: (i) the unvested portion of a SAR shall expire upon termination of employment or service of the Participant granted the SAR,
and the vested portion of such SAR shall remain exercisable for (A) one (1) year following termination of employment or service by reason
of such Participant’s death or disability (as determined by the Committee), but not later than the expiration of the SAR Period
or (B) ninety (90) days following termination of employment or service for any reason other than such Participant’s death or disability,
and other than such Participant’s termination of employment or service for Cause, but not later than the expiration of the SAR Period;
and (ii) both the unvested and the vested portion of a SAR shall expire upon the termination of the Participant’s employment or
service by the Company for Cause. If the SAR would expire at a time when the exercise of the SAR would violate applicable securities laws,
the expiration date applicable to the SAR will be automatically extended to a date that is thirty (30) calendar days following the date
such exercise would no longer violate applicable securities laws (so long as such extension shall not violate Section 409A of the Code);
provided, that in no event shall such expiration date be extended beyond the expiration of the SAR Period.

(d) Method of Exercise.
SARs that have become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company in accordance
with the terms of the Award, specifying the number of SARs to be exercised and the date on which such SARs were awarded. Notwithstanding
the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an option, the SAR Period), the fair market
value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the
SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such
last day and the Company shall make the appropriate payment therefor.

(e) Payment. Upon the
exercise of a SAR, the Company shall pay to the Participant an amount equal to the number of shares subject to the SAR that are being
exercised multiplied by the excess, if any, of the fair market value of one Common Share on the exercise date over the Strike Price, less
an amount equal to any taxes required to be withheld or paid. The Company shall pay such amount in cash, in Common Stock valued at fair
market value, or any combination thereof, as determined by the Committee. Fractional shares of Common Stock may be issued or delivered
pursuant to the Plan or any Award in the sole discretion of the Committee, and in the event the Committee determines that no fractional
shares may be issued or delivered, the Committee shall determine whether cash, other securities or other property shall be paid or transferred
in lieu of any fractional shares of Common Stock, or whether such fractional shares of Common Stock or any rights thereto shall be canceled,
terminated or otherwise eliminated.

9. Restricted Stock
and Restricted Stock Units.

(a) Generally. Each grant
of Restricted Stock and Restricted Stock Units 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 such grant shall
be subject to the conditions set forth in this Section 9, and to such other conditions not inconsistent with the Plan as may be
reflected in the applicable Award agreement.

(b) Restricted Accounts;
Escrow or Similar Arrangement. Upon the grant of Restricted Stock, a book entry in a restricted account shall be established in the
Participant’s name at the Company’s transfer agent and, if the Committee determines that the Restricted Stock shall be held
by the Company or in escrow rather than held in such restricted account pending the release of the applicable restrictions, the Committee
may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee,
if applicable, and (ii) the appropriate share power (endorsed in blank) with respect to the Restricted Stock covered by such agreement.
If a Participant shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and
blank share power within the amount of time specified by the Committee, the Award shall be null and void. Subject to the restrictions
set forth in this Section 9 and the applicable Award agreement, the Participant generally shall have the rights and privileges
of a shareholder as to such Restricted Stock, including without limitation the right to vote such Restricted Stock and the right to receive
dividends, if applicable. To the extent shares of Restricted Stock are forfeited, any share certificates issued to the Participant evidencing
such shares shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect thereto
shall terminate without further obligation on the part of the Company.

(c) Vesting; Acceleration
of Lapse of Restrictions. Unless otherwise provided by the Committee in an Award agreement the unvested portion of Restricted Stock
and Restricted Stock Units shall terminate and be forfeited upon termination of employment or service of the Participant granted the applicable
Award.

(d) Delivery of Restricted
Stock and Settlement of Restricted Stock Units.

(i) Upon the expiration of
the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award agreement shall
be of no further force or effect with respect to such shares, except as set forth in the applicable Award agreement. If an escrow arrangement
is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary, without charge, the share certificate
evidencing the shares of Restricted Stock that have not then been forfeited and with respect to which the Restricted Period has expired
(rounded down to the nearest full share). Dividends, if any, that may have been withheld by the Committee and attributable to any particular
share of Restricted Stock shall be distributed to the Committee and attributable to any particular share of Restricted Stock shall be
distributed to the Participant in cash or, at the sole discretion of the Committee, in Common Stock having a fair market value equal to
the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the Participant shall have
no right to such dividends (except as otherwise set forth by the Committee in the applicable Award agreement).