Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 744

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 2
Chunk 744
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 Innovative Genetics under the Innovative Genetics Packaging
Agreement and Innovative Genetics SOW. The Tani Guaranty contains other standard provisions for a personal guaranty, including standard
waivers of defenses to payment obligations, reinstatement in the event that any payment must be returned to Innovative Genetics, non-exercise
of subrogation rights against Innovative Genetics or any other guarantor until all payments required under the Innovative Genetics SOW
have been made, subordination of any debts against Innovative Genetics to the obligations of Innovative Genetics to the Company under
the SOW, and payment of any reasonable expenses of the Company, including attorneys’ fees and legal expenses, which the Company
may incur in enforcing its rights under the Innovative Genetics SOW or the Tani Guaranty.

As of December 31, 2024, the balance owed by Innovative
Genetics under the Innovative Genetics SOW was $1,001,000, in addition to related shipping costs with a 30% markup, and duties, taxes,
or tariffs at cost. 8% annual interest began to accrue on the balance for past due payment status as of December 31, 2024.

As of December 31, 2024, the approximate dollar
value of Mr. Tani’s interest in the transaction described above was $1,001,000. In addition, accrued annual interest of 8% for past
due payment status, related shipping costs with a 30% markup, and duties, taxes, or tariffs at cost will be the responsibility of Mr.
Tani as guarantor of Innovative Genetics’ payment obligations and a potential debtor to the Company pursuant to the Tani Guaranty.
The payments by Innovative Genetics in the current or any of the past three fiscal years do not exceed 5% of our consolidated gross revenues
for that year, or $200,000, whichever is more.

75

Transactions with Engage and Excel (Alan Chippindale)

Alan Chippindale, a member of our board of directors,
the chairman of the Compensation Committee, and a member of the Company’s Nominating and Corporate Governance Committee, is the
President of Engage & Excel. In 2024, we paid Engage & Excel $7,500 for recruiting fees and $18,848 for consulting fees relating
to the T R Miller assets acquisition. In 2023, we paid Engage & Excel $17,500 for recruiting fees and $20,000 for consulting fees
relating to