Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 2016

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 9B
Chunk 2016
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 stock on The Nasdaq Capital Market on the later of that date or the date of the approval
of the grant by the board or the Compensation Committee. For the subsequent year, the restricted stock will be granted at the beginning
of the fiscal year upon approval of the board or the Compensation Committee and will be equal to $80,000 divided by the closing price
of the common stock on The Nasdaq Capital Market on the anniversary of the date of the agreement, or as otherwise determined by the board
or Compensation Committee. On April 14, 2023, JCA was granted 46,511 shares of restricted common stock and such amount was accepted by
JCA as the restricted stock grant provided for by the A&R Audibert Consulting Agreement for the initial year of the term of the agreement.

In addition,
on the date of the A&R Audibert Consulting Agreement and at the beginning of each subsequent fiscal year during the term of the agreement,
JCA will be granted a stock option to purchase the maximum number of shares subject to approval of the board or the Compensation Committee
and the equity bonus performance conditions to vesting described below. Accordingly, on April 14, 2023, the Company granted JCA a stock
option for the purchase of 180,000 shares of common stock at an exercise price of $1.72 per share, which provided that it would vest and
become exercisable upon certification of attainment of the applicable targets set by the board or the Compensation Committee in accordance
with the equity bonus terms described below. Due to the non-attainment of the applicable targets, this option became non-vesting and non-exercisable.
On January 1, 2024, the Company granted Mr. Audibert a second stock option for the purchase of 180,000 shares of common stock at an exercise
price of $1.48 per share, which vests and becomes exercisable upon certification of attainment of the applicable targets set by the board
or the Compensation Committee in accordance with the equity bonus terms described below.

On June
29, 2023, the rights to all equity awards that had been granted to JCA and rights to equity awards that may be granted to JCA under the
A&R Consulting Agreement were distributed or transferred to Mr. Audibert. The Company, Mr. Audibert and JCA agreed to make any future
awards under the A&R Consulting Agreement to Mr. Audibert directly.

Each fiscal
year during the term