Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 860

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 3
Chunk 860
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 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 will be granted
when certified by the board or the Compensation Committee.

Upon the occurrence of a change in control during
the Audibert Consulting Agreement’s term, whether or not JCA’s engagement is terminated, or upon JCA’s termination without
cause, all restricted stock, stock option, stock appreciation right or similar awards granted to or pending grant to and held by JCA will
immediately vest and no longer be subject to forfeiture, unless expressly provided otherwise in the governing documents for such awards.
For each fiscal year completed during the Audibert Consulting Agreement’s term, JCA was also eligible to receive additional bonuses
as determined by the board. Both we and JCA were permitted to terminate the Audibert Consulting Agreement by giving at least 30 days’
written notice. If we or J