Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 531

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1C
Chunk 531
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 based in this office. Our
monthly rent for this facility was $24,521 from June 2020 to May 2021, $25,178 from June 2021 to May 2022, $25,835 from June 2022 to May
2023, and will be $26,491 from June 2023 to May 2024 and $27,148 from June 2024 to May 2025. We may also be required to pay certain taxes
and expenses to the landlord under the lease agreement. On January 10, 2025, the Company entered into a seven-year lease agreement for
new office space in North Quincy, Massachusetts. The new lease term begins on June 1, 2025 and expires on May 31, 2032 with an option
to extend the lease an additional five years. The lease contains an initial base rent of $21 per month with 2.2% - 2.5% annual escalations,
plus a percentage of taxes and operating expenses incurred by the lessor in connection with the ownership and management of the property.

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Under a lease agreement dated May 31, 2023 (the
“Miller Lease Agreement”) with Miller Family Walpole LLC, as landlord (the “Miller Landlord”), for a warehouse
facility in Walpole, Massachusetts, the initial lease term commenced on June 1, 2023 and terminates on May 31, 2028. We paid base rent
of $179,550.00 in the first year of the lease and will pay an increase of 2% per annum in each subsequent year. We may extend the term
for an additional five years upon the same base rent terms upon 12 months’ notice. We will be responsible for all property and other
taxes and expenses related to the facility except for maintenance of certain structural elements. We may assign our rights to the lease
and property at the facility as collateral to a lender. The Miller Landlord is also required to execute a landlord lien waiver and collateral
access agreement upon request. The Miller Lease Agreement contains provisions for minimum insurance, mutual indemnification from certain
claims relating to the Miller Lease Agreement, and customary default and related termination and remedy provisions.

We also lease satellite office space in Warsaw,
Indiana; Mt. Pleasant, South Carolina; Walpole, Massachusetts; Tomball, Texas; and Irvine, California. Our aggregate rent payments for
these facilities was approximately $743.000 during the fiscal year