Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1271

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 6
Chunk 1271
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(1)Andrew Shape was entitled to the payment of $10,000 per month during 2023 as repayment of sales commissions
that had been earned in previous years totaling approximately $140,927, subject to certain terms and conditions. All $30,927 of outstanding
payable prior-year commissions were paid to Mr. Shape during 2023. All outstanding accrued interest upon prior-year commissions payable
to Mr. Shape was orally waived on March 25, 2024.

(2)Ian Wall was granted an option to purchase 15,000 shares of common stock on January 2, 2024. A portion
of the option was granted subject to certain vesting conditions. The aggregate grant date fair value was computed in accordance with ASC
Topic 718 based on the assumptions described in Notes A.20 and A.21 to the Company’s financial statements beginning on page F-1
of this Annual Report on Form 10-K. On January 2, 2024, Ian Wall became entitled to awards of options to purchase up to 100,000 shares
of common stock subject to performance conditions with respect to the fiscal year ended December 31, 2024. The aggregate grant date fair
value of these awards was computed based upon the probable outcome of such conditions consistent with the estimate of aggregate compensation
cost to be recognized over the service period determined as of the grant date under ASC Topic 718, excluding the effect of estimated forfeitures,
and based upon the assumptions described in Notes A.20 and A.21 to the Company’s financial statements beginning on page F-1 of this
Annual Report on Form 10-K. The maximum aggregate grant date fair value of these awards was $52,900 assuming that the highest level of
performance conditions will be achieved.

(3)Ian Wall was entitled to an automobile and cellular phone allowance not to exceed $750 per month.

59

Executive Officer Employment and Consulting Agreements

Employment Agreement with Andrew Shape

Under our employment agreement with our Chief
Executive Officer and President, Andrew Shape, dated July 13, 2021 and effective as of November 8, 2021 (the “Shape Employment Agreement”),
Mr. Shape will receive an annual salary of $400,000 and will be eligible to receive an annual cash bonus as determined by the board of
directors. Pursuant to the Shape Employment Agreement, on November 12, 2021, we awarded Mr. Shape a stock option for the purchase of