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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owned or hereafter acquired by any Person upon which a Lien is granted or purported to be granted by such Person as security for all or any part of the Obligations; provided that and for the avoidance of doubt, “Collateral” shall not include property and assets specifically excluded from such definition in the Security Agreement. “Collateral Agent” has the meaning specified therefor in the preamble to this Agreement. “Collateral Documents” has the meaning specified therefor in Section 11.2(b)(iii). “Collections” means all cash, checks, notes, instruments, and other items of payment (including insurance proceeds, proceeds of cash sales, rental proceeds, and Tax refunds). “Commitments” means, with respect to each Lender, such Lender’s Initial Term Loan Commitment, Delayed Draw Term Loan Commitment and any Incremental Term Loan Commitment. “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

“Compliance Certificate”
means a Compliance Certificate, substantially in the form of Exhibit G hereto, duly executed by an Authorized Officer of the Borrower.

“Conforming Changes”
means, with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of “Reference Rate,”
the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition
of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest period”),
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of breakage or match funding provisions (including Section
2.8) and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the
adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other
manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement
and the other Loan Documents).

“Connection Income
Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

“Consolidated Adjusted
EBITDA” means, with respect to any Person and its Subsidiaries for any period, in each case, determined on a consolidated basis
in accordance with GAAP, the result of:

(a) the
Consolidated Net Income of such Person and its Subsidiaries for such period, plus, at the option of Borrower, to the extent a Permitted
Acquisition has been consummated during such period, the Consolidated Net Income attributable to the target of such Permitted Acquisition
(but only that portion of Consolidated Net Income attributable to the portion of such period that occurred prior to the date of consummation
of such Permitted Acquisition);

plus

(b) without
duplication, the sum of each of the following amounts of such Person and its Subsidiaries for such period to the extent deducted in determining
the Consolidated Net Income of such Person and its Subsidiaries for such period:

(i) any
provision for United States federal income Taxes or other state or local Taxes measured by net income;

(ii) Consolidated
Net Interest Expense;

(iii) any
depreciation and amortization expense;

(iv) any
unusual, one-time, extraordinary or nonrecurring losses, expenses, costs, fees or charges (and corresponding tax consequences);

(v) any
non-cash items decreasing Consolidated Net Income;

(vi) Transaction
Costs paid within 90 days after the Effective Date;

(vii) reimbursement
of costs and expenses of the Board of Directors of Borrower;

(viii) reimbursement
of out-of-pocket costs and expenses related to any Permitted Acquisitions (whether or not such Permitted Acquisition is consummated);
provided, however, that, unless otherwise approved by the Administrative Agent, the aggregate amount added back pursuant to this clause
shall not exceed $500,000 in any period of twelve (12) consecutive fiscal months of the Borrower and its Subsidiaries;

(ix) any
non-cash stock-based compensation expenses; and

(x) other
non-cash charges approved by the Administrative Agent; minus

(c) without
duplication, the sum of each of the following amounts of such Person and its Subsidiaries for such period to the extent included in determining
the Consolidated Net Income of such Person and its Subsidiaries for such period:

(i) any
credit for United States federal income Taxes or other Taxes measured by net income;

(ii) any
unusual one-time, extraordinary or nonrecurring gains or income (and corresponding tax consequences); and

(iii) any
non-cash items increasing Consolidated Net Income, including non-cash gains from foreign exchange transactions.

“Consolidated Net Income”
means, with respect to any Person, for any period, the consolidated net income (or loss) of such Person and its Subsidiaries for such
period; provided, however, that the following shall be excluded: (a) the net income of any other Person in which such Person or one of
its Subsidiaries has a joint interest with a third-party (which interest does not cause the net income of such other Person to be consolidated
into the net income of such Person), except to the extent of the amount of dividends or distributions paid to such Person or Subsidiary,
(b) the net income of any Subsidiary of such Person that is, on the last day of such period, subject to any restriction or limitation
on the payment of dividends or the making of other distributions, to the extent of such restriction or limitation, and (c) the net income
of any other Person arising prior to such other Person becoming a Subsidiary of such Person or merging or consolidating into such Person
or its Subsidiaries.

“Consolidated Net Interest
Expense” means, with respect to any Person for any period, (a) gross interest expense of such Person and its Subsidiaries for
such period determined on a consolidated basis and in accordance with GAAP (including, without limitation, interest expense paid to Affiliates
of such Person), less (b) the sum of (i) interest income for such period and (ii) gains for such period on Hedging Agreements (to the
extent not included in interest income above and to the extent not deducted in the calculation of gross interest expense), plus (c) the
sum of (i) losses for such period on Hedging Agreements (to the extent not included in gross interest expense) and (ii) the upfront costs
or fees for such period associated with Hedging Agreements (to the extent not included in gross interest expense), in each case, determined
on a consolidated basis and in accordance with GAAP.

“Consolidated Senior
Net Leverage Ratio” means, with respect to any Person and its Subsidiaries for any period, the ratio of (a) all Indebtedness
described in clauses (a), (c), (d), (e) and (f) in the definition thereof of such Person and its Subsidiaries on a consolidated basis
as of the end of such period (excluding any Subordinated Indebtedness of such Person and its Subsidiaries then outstanding), less
the amount of Unrestricted Cash and Cash Equivalents of such Person or any of its Subsidiaries for such period in an amount not to exceed
$4,000,000, to (b) Consolidated Adjusted EBITDA of such Person and its Subsidiaries for such period.

“Consulting Services
Agreement” means that certain Sales and Marketing Consultant and Distribution Agreement, dated as of April 2, 2014, between
Kenek Brand Inc. and Synergy CHC Corp. (f/k/a Synergy Strips Corp.), as in effect on the Effective Date.

“Contingent Indemnity
Obligations” means any Obligation constituting a contingent, unliquidated indemnification obligation of any Loan Party, in each
case, to the extent (a) such obligation has not accrued and is not yet due and payable and (b) no claim has been made or is reasonably
anticipated to be made with respect thereto.