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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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.

(b) Exercise Price. Except
with respect to Substitute Awards, the exercise price (“Exercise Price”) per Common Share for each Option shall not
be less than one hundred percent (100%) of the Fair Market Value of such share determined as of the Date of Grant; provided, however,
that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns shares representing
more than ten percent (10%) of the total combined voting power of all classes of shares of the Company or any related corporation (as
determined in accordance with Treasury Regulation Section 1.422-2(f)), the Exercise Price per share shall not be less than one hundred
and ten percent (110%) of the Fair Market Value per share on the Date of Grant and provided further, that, notwithstanding any
provision herein to the contrary, the Exercise Price shall not be less than the par value per Common Share.

(c) Vesting and Expiration.
Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after
such period, not to exceed ten (10) years, as may be determined by the Committee (the “Option Period”); provided,
however, that the Option Period shall not exceed five (5) years from the Date of Grant in the case of an Incentive Stock Option
granted to a Participant who on the Date of Grant owns shares representing more than ten percent (10%) of the total combined voting power
of all classes of shares of the Company or any related corporation (as determined in accordance with Treasury Regulation Section 1.422-2(f));
provided, further, that notwithstanding any vesting dates set by the Committee, the Committee may, in its sole discretion,
accelerate the exercisability of any Option, which acceleration shall not affect the terms and conditions of such Option other than with
respect to exercisability. Unless otherwise provided by the Committee in an Award agreement: (i) the unvested portion of an Option shall
expire upon the Participant’s termination of employment or service with the Company and its Affiliates, and the vested portion of
such Option 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 Option 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 Option Period; and (ii) both the unvested and
the vested portion of an Option shall expire upon the termination of the Participant’s employment or service by the Company for
Cause. If the Option would expire at a time when the exercise of the Option would violate applicable securities laws, the expiration date
applicable to the Option 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 Option Period.

(d) Method of Exercise and
Form of Payment. No Common Stock shall be delivered pursuant to any exercise of an Option until payment in full of the Exercise Price
therefor is received by the Company and the Participant has paid to the Company an amount equal to any taxes required to be withheld or
paid. Options 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 Option accompanied by payment of the Exercise Price. The Exercise Price shall be payable (i) in cash,
check, cash equivalent and/or Common Stock valued at the fair market value at the time the Option is exercised (including, pursuant to
procedures approved by the Committee, by means of attestation of ownership of a sufficient number of Common Stock in lieu of actual delivery
of such shares to the Company); provided that such Common Stock are not subject to any pledge or other security interest and are Mature
Shares and; (ii) by such other method as the Committee may permit in accordance with applicable law, in its sole discretion, on a case
by case basis, including without limitation: (A) in other property having a fair market value on the date of exercise equal to the Exercise
Price or (B) if there is a public market for the Common Stock at such time, by means of a broker-assisted “cashless exercise”
pursuant to which the Company is delivered a copy of irrevocable instructions to a stockbroker to sell the Common Stock otherwise deliverable
upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price or (C) by a “net exercise”
method whereby the Company withholds from the delivery of the Common Stock for which the Option was exercised that number of shares of
Common Stock having a fair market value equal to the aggregate Exercise Price for the Common Stock for which the Option was exercised.
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 Common Shares, or whether such fractional
shares of Common Stock or any rights thereto shall be canceled, terminated or otherwise eliminated.

(e) Notification upon Disqualifying
Disposition of an Incentive Stock Option. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company
in writing immediately after the date he makes a disqualifying disposition of any Common Stock acquired pursuant to the exercise of such
Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such Common Stock
before the later of (A) two (2) years after the Date of Grant of the Incentive Stock Option or (B) one (1) year after the date of exercise
of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee,
retain possession of any Common Stock acquired pursuant to the exercise of an Incentive Stock Option as agent for the applicable Participant
until the end of the period described in the preceding sentence.

(f) Compliance with Laws,
etc. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee
determines would violate the Sarbanes-Oxley Act of 2002, if applicable, or any other applicable law or the applicable rules and regulations
of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation
system on which 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.