Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 107

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1
Chunk 107
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reement with Andrew Stranberg

Under our employment agreement with our Executive
Chairman, Andrew Stranberg, dated July 13, 2021 and effective as of November 8, 2021 (the “Stranberg Employment Agreement”),
Mr. Stranberg will receive an annual salary of $500,000, and Mr. Stranberg will be eligible for an annual cash bonus as determined by
the board of directors. Pursuant to the Stranberg Employment Agreement, on November 12, 2021, we awarded Mr. Stranberg a stock option
for the purchase of 400,000 shares of the Company’s common stock at an exercise price of $4.15 per share under a standard form of
stock option agreement under the Plan. The stock option will vest over a four-year period with 25% of the option vesting on the first
anniversary of the date of grant and the balance of the option (75%) vests monthly over the following three years after the first anniversary
of the date of grant at a rate of 1/36 per month.

Mr. Stranberg will be provided with standard executive
benefits. The Company will also provide standard indemnification and directors’ and officers’ insurance.

The initial term of the Stranberg Employment Agreement
commenced on November 8, 2021 and ended on November 8, 2024. The Stranberg Employment Agreement automatically renewed for an additional
one-year term at the end of the initial term, and will renew for an additional one-year term at the end of the current and each subsequent
one-year term unless either party provides notice to the other 60 days prior to the end of the then-current term.

The Company may terminate Mr. Stranberg’s
employment by giving at least 30 days’ written notice. If we terminate Mr. Stranberg without cause or he resigns for good reason as provided
under the Stranberg Employment Agreement, we must pay at least 24 months’ severance, reimbursement of Mr. Stranberg for the first
18 months of the premiums associated with Mr. Stranberg’s continuation of health insurance for Mr. Stranberg and his family pursuant
to COBRA, and immediate vesting of any outstanding unvested equity granted to Mr. Stranberg during Mr. Stranberg’s employment and immediate
lifting of all lockups and restrictions on sales of such equity, or exercise of stock options. If