Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1659

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 8
Chunk 1659
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 anytime within the Audibert Consulting Agreement’s term; and (d) 25,000 additional fully-vested
restricted shares granted and the stock option vested as to 25,000 additional shares if our sales exceeded $45,000,000 combined for any
two consecutive quarters or if our market capitalization exceeded $180,000,000 for twenty-five (25) out of thirty (30) consecutive trading
days anytime within the Audibert Consulting Agreement’s term. “Sales” were determined by our audited or reviewed financial
statements and according to U.S. GAAP. Our “market capitalization” was defined as the closing stock price of our common stock
as reported by Nasdaq multiplied by the total shares of common stock outstanding as of 4:00 PM E.T. on the date that such closing stock
price was determined as reported by our transfer agent. All such grants were subject to standard forms of stock option or restricted stock
award agreements and the terms and conditions of the Plan. Pursuant to the Audibert Consulting Agreement, on December 2, 2021, the
Company granted a stock option to JCA to purchase up to 65,000 shares of common stock subject to the vesting conditions described above.
On March 11, 2022, the Compensation Committee determined that the performance conditions for the
vesting of the option as to a total of 20,000 shares of common stock and to the issuance of 20,000 shares of common stock had been met,
resulting in vesting of the option as to 20,000 shares and the issuance of 20,000 shares of common stock to JCA.

All equity bonuses under the Audibert Consulting
Agreement were awarded under the Plan under a standard form of agreement under the Plan. The Plan 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 is completed. Otherwise, such grants will be considered Performance Shares (as defined by the Plan) and