Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 133

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 133
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 FINANCIAL STATEMENTS
(in thousands, except share and per share amounts)

Option awards are generally granted
with an exercise price equal to the fair value of the Company’s stock at the date of grant; those options generally vest based on
four years of continuous service and have 10-years contractual terms.

A summary of option activity under
the 2021 Plan as of and for the nine months ended September 30, 2024 is presented below:

    Options 
    Shares  
    Weighted
 Average
 Exercise
 Price  
    Aggregate
 Intrinsic
 Value 
  
    Outstanding at January 1, 2024 
     1,466,062  
    $3.98  
    $— 
  
    Granted 
     —  
     —  
     — 
  
    Forfeited or expired and other adjustments 
     (87,396) 
     3.54  
     — 
  
    Outstanding at September 30, 2024 
     1,378,666  
    $4.03  
    $— 
  
    Vested and exercisable at September 30, 2024 
     955,334  
    $4.07  
    $— 

The Company did not issue any
options during the nine months ended September 30, 2024. The weighted-average grant-date fair value of options granted during the nine
months ended September 30, 2023 was $1.54. The weighted-average remaining contractual term
for the outstanding options is approximately 8 years as of September 30, 2024.

Restricted Stock:

Restricted stock consists of time-based
restricted stock units (RSUs) and performance-based restricted stock units (PSUs). RSUs granted under the 2021 Plan generally vest over
3 to 4 years, based on continued employment, and are settled upon vesting with shares of the Company’s common stock on a one-for-one
basis. PSUs granted under the 2021 Plan are issued and vest immediately as various performance goals and targets are achieved.

A summary of restricted stock
activity under the 2021 Plan as of and for the nine months ended September 30, 2024 is presented below:

    Restricted Stock 
    Time-Based 
  
    Outstanding at January 1, 2024 
     15,736 
  
    Granted 
     54,086 
  
    Vested