Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 128

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 128
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 bonus of 100,000 shares of common stock. All annual equity compensation awards under the Johnshoy Employment Agreement must be reviewed and provided if applicable no later than March 15 of the following fiscal year. This requirement is in addition to the requirements under the Plan, which provides that to the extent that equity bonuses of grants of common stock are designated Performance Compensation Awards (as defined by the Plan) by the board or the Compensation Committee and to the extent that each fiscal year constitutes a Performance Period (as defined by the Plan), pursuant to the Plan, such awards must be granted as soon as 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 was completed. Otherwise, such grants would be considered Performance Shares (as defined by the Plan) and would be granted when certified by the Board or the Compensation Committee. Under the Johnshoy Employment Agreement, after the first year of employment, all cash and equity bonus compensation goals and bonus figures were to be reviewed, and benchmarks and bonus percentages were to be adjusted each year based on changing business factors. On February 15, 2024, the Compensation Committee determined that the cash and equity bonus compensation performance conditions under the Johnshoy Employment Agreement for the fiscal year ended December 31, 2023 would be the same cash and equity bonus compensation provided for under the Browner Agreement for the fiscal year ended December 31, 2023. In accordance with the foregoing, the Compensation Committee approved the following bonuses for Ms. Johnshoy: The award of a cash payment of $26,250, the grant of 5,000 shares of common stock, and the grant of a fully vested stock option to purchase 7,500 shares of common stock at an exercise price of $1.55 per share. Ms. Johnshoy was entitled to severance benefits equal to four months’ salary if terminated without Cause (as defined in the Johnshoy Employment Agreement) during the first year of employment and two months’ salary if terminated during the second year of employment. Ms. Johnshoy was eligible to receive certain health care, dental, life insurance, disability, and retirement benefits after three months’ employment. The Johnshoy Employment Agreement and Ms. Johnshoy’s equity award agreements have general non-solicitation provisions. Ms. Johnshoy is also subject to a standard non-disclosure requirement under the John