Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 137

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 137
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3   Innovative Genetics, Inc.  Alejandro Tani, member of board of directors, the chairman of the Company’s Nominating and Corporate Governance Committee, and a member of the Compensation Committee and the Company’s Audit Committee, is the Chief Executive Officer, Chief Information Officer, and majority owner of Innovative Genetics.  Limited, non-exclusive, revocable license to use Innovative Genetics’ logos, trade names and trademarks on apparel and promotional products as branded products for sale to Innovative Genetics and Innovative Genetics-authorized persons.  $1,092   $853  

Amounts due and paid to related
party

Transactions with Engage & Excel
Enterprises Inc.

Alan Chippindale, a member of the Company’s
board of directors, the chairman of the Compensation Committee, and a member of the Nominating and Corporate Governance Committee, is
the President of Engage & Excel Enterprises Inc. (“Engage & Excel”). The Company and Engage & Excel are parties
to a Buyer’s Agreement, dated June 25, 2020 (the “Buyer’s Agreement”). Under the Buyer’s Agreement, Engage
& Excel agreed to provide certain merger and acquisition, management and recruitment consulting services in connection with the Company’s
acquisition of the Wildman Imprints assets. The Company agreed to pay Engage & Excel a fee of $20 upon completion of a purchase and
sale agreement and two annual fees of 1.5% of gross margin less costs attributable to the acquisition. The Company has paid Engage &
Excel approximately $23 as of September 30, 2024.

Separately from the Buyer’s Agreement,
in 2023, the Company paid Engage & Excel approximately $18 for recruiting fees and $20 for consulting fees relating to the T R Miller
assets acquisition. The Company also agreed to pay Engage & Excel 1.5% of the contribution margin of the T R Miller assets for two
years, paid annually. The Company has paid Engage & Excel for consulting services $5 as of September 30, 2024. The Company’s board
of directors has determined that Mr. Chippindale remains eligible under Nasdaq rules to serve as an “independent director”
of the Company and as a member and chairman of the Compensation Committee and a member of the Nominating and Corporate Governance Committee.
Due to Mr. Chippindale’s indirect compensation under the agreement, the board has determined that he is currently not eligible to
be a