Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 115

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1
Chunk 115
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 administratively practicable following completion
of the certification of the attainment of the performance conditions for such awards but in no event later than 2 1/2 months following
the end of the fiscal year during which the respective Performance Period is completed. Otherwise, such grants will be considered Performance
Shares (as defined by the Plan) and will be granted when certified by the board or the Compensation Committee.

Under the
A&R Audibert Consulting Agreement, JCA will also be eligible for additional bonus amounts as determined by the board or the Compensation
Committee within its sole discretion. JCA will provide services under the A&R Audibert Consulting Agreement as an independent contractor.
JCA and Mr. Audibert will not receive employee or executive benefits. JCA and Mr. Audibert will be solely responsible for any business-related
expenses.

On February
15, 2024, in connection with the Company’s fiscal year 2023 executive bonus determinations, the Compensation Committee certified
the attainment of the performance conditions under the A&R Audibert Consulting Agreement for the vesting of 2,339 shares of 46,511
shares of restricted stock initially granted to JCA on April 14, 2023. In accordance with the above, the initial grant of 46,511 shares
of restricted stock to JCA on April 14, 2023 was cancelled and 2,339 shares were issued to Mr. Audibert. In addition, the Compensation
Committee awarded discretionary bonuses of a cash bonus of $10,000 to JCA, the grant of an additional 2,661 shares of common stock to
Mr. Audibert, and the grant of an option to purchase 7,500 shares of common stock to Mr. Audibert at an exercise price of $1.55 per share.

Upon the
occurrence of a Change in Control (as defined by the A&R Audibert Consulting Agreement) during the A&R Audibert Consulting Agreement’s
term, whether or not JCA’s engagement is terminated, or upon JCA’s termination without cause, all restricted stock, stock
option, stock appreciation right or similar awards granted to or pending grant to and held by JCA will immediately vest and will no longer
be subject to forfeiture, unless expressly provided otherwise in the governing documents for such awards. Either the Company or JCA may
terminate the A&R Audibert Consulting Agreement for material breach and failure to cure such breach within 15