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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the extent that: (A) the Performance Goals for such period are achieved; and (B) all or some of the portion of such Participant’s Performance Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals. Following the completion of a Performance Period, the Committee shall determine whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate the amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period. (f) Timing of Award Payments. Except as provided in an Award agreement, Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following the Committee’s determination in accordance with Section 11(e).

12. Changes in Capital
Structure and Similar Events. In the event of (i) any dividend (other than ordinary cash dividends) or other distribution (whether
in the form of cash, Common Stock, other securities or other property), recapitalization, stock split, reverse stock split, reorganization,
merger, amalgamation, consolidation, spin-off, split-up, split-off, combination, repurchase or exchange of Common Stock or other securities
of the Company, issuance of warrants or other rights to acquire Common Stock or other securities of the Company, or other similar corporate
transaction or event (including, without limitation, a Change in Control) that affects the Common Stock, or (ii) unusual or infrequently
occurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the financial statements
of the Company or any Affiliate, or changes in applicable rules, rulings, regulations or other requirements of any governmental body or
securities exchange or inter-dealer quotation system, accounting principles or law, such that in either case an adjustment is determined
by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner
as it may deem equitable, including without limitation any or all of the following:

(a) adjusting any or all of
(A) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property)
that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation,
adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without
limitation, (1) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other
property) subject to outstanding Awards or to which outstanding Awards relate, (2) the Exercise Price or Strike Price with respect to
any Award or (3) any applicable performance measures (including, without limitation, Performance Criteria and Performance Goals);

(b) providing for a substitution
or assumption of Awards in a manner that substantially preserves the applicable terms of such Awards;

(c) accelerating the exercisability
or vesting of, lapse of restrictions on, or termination of, Awards or providing for a period of time for exercise prior to the occurrence
of such event;

(d) modifying the terms of Awards
to add events, conditions or circumstances (including termination of employment within a specified period after a Change in Control) upon
which the exercisability or vesting of or lapse of restrictions thereon will accelerate;

(e) deeming any performance
measures (including, without limitation, Performance Criteria and Performance Goals) satisfied at target, maximum or actual performance
through closing or such other level determined by the Committee in its sole discretion, or providing for the performance measures to continue
(as is or as adjusted by the Committee) after closing;

(f) providing that for a period
prior to the Change in Control determined by the Committee in its sole discretion, any Options or SARs that would not otherwise become
exercisable prior to the Change in Control will be exercisable as to all Common Stock subject thereto (but any such exercise will be contingent
upon and subject to the occurrence of the Change in Control and if the Change in Control does not take place after giving such notice
for any reason whatsoever, the exercise will be null and void) and that any Options or SARs not exercised prior to the consummation of
the Change in Control will terminate and be of no further force and effect as of the consummation of the Change in Control; and

(g) canceling any one or more
outstanding Awards and causing to be paid to the holders thereof, in cash, Common Stock, other securities or other property, or any combination
thereof, the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per Common
Share received or to be received by other shareholders of the Company in such event), including without limitation, in the case of an
outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the fair market value (as of a date specified by
the Committee) of the Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price of such Option or SAR,
respectively (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or
in excess of, the fair market value of a Common Share subject thereto may be canceled and terminated without any payment or consideration
therefor); provided, however, that in the case of any “equity restructuring” (within the meaning of the Financial Accounting
Standards Board Accounting Standards Codification Topic 718), the Committee shall make an equitable or proportionate adjustment to outstanding
Awards to reflect such equity restructuring. The Company shall give each Participant notice of an adjustment hereunder and, upon notice,
such adjustment shall be conclusive and binding for all purposes.

13. Amendments and Termination.

(a) Amendment and Termination
of the Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided
that (i) no amendment to Section 13(b) (to the extent required by the proviso in such Section 13(b)) shall be made without
shareholder approval and (ii) no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder
approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation,
as necessary to comply with any rules or requirements of any securities exchange or inter-dealer quotation system on which the Common
Stock may be listed or quoted); provided, further, that any such amendment, alteration, suspension, discontinuance or termination
that would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted
shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary.

(b) Amendment of Award Agreements.
The Committee may, to the extent consistent with the terms of any applicable Award agreement, waive any conditions or rights under, amend
any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award agreement, prospectively
or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination
that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that
extent be effective without the consent of the affected Participant; provided, further, that without shareholder approval,
except as otherwise permitted under Section 12 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any
Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding Option or SAR where the Fair Market Value of
the Common Stock underlying such Option or SAR is less than its Exercise Price and replace it with a new Option or SAR, another Award
or cash and (iii) the Committee may not take any other action that is considered a “repricing” for purposes of the shareholder
approval rules of the applicable securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted.

14. General.

(a) Award Agreements.
Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant (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)) and
shall specify the terms and conditions of the Award and any rules applicable thereto, including without limitation, the effect on such
Award of the death, disability or termination of employment or service of a Participant, or of such other events as may be determined
by the Committee.

(b) Non-Transferability.