Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 35

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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    $— 
  
    Granted 
     —  
     —  
     — 
  
    Forfeited or expired and other adjustments 
     (54,096) 
     4.71  
     — 
  
    Outstanding at June 30, 2024 
     1,411,966  
    $3.95  
    $— 
  
    Vested and exercisable at June 30, 2024 
     921,834  
    $4.04  
    $— 

The Company did not issue any options
during the six months ended June 30, 2024. The weighted-average grant-date fair value of options granted during the six months ended June
30, 2023 was $1.55. The weighted-average remaining contractual term for the outstanding options
is approximately 8 years as of June 30, 2024.

Restricted Stock:

Restricted stock consists of time-based
restricted stock units (RSUs) and performance-based restricted stock units (PSUs). RSUs granted under the 2021 Plan generally vest over
3 to 4 years, based on continued employment, and are settled upon vesting with shares of the Company’s common stock on a one-for-one
basis. PSUs granted under the 2021 Plan are issued and vest immediately as various performance goals and targets are achieved.

A summary of restricted stock activity
under the 2021 Plan as of and for the six months ended June 30, 2024 is presented below:

    Restricted Stock 
    Time-Based 
  
    Outstanding at December 31, 2023 
     15,736 
  
    Granted 
     54,086 
  
    Vested 
     (50,086)
  
    Forfeited 
     (166)
  
    Outstanding at June 30, 2024 
     19,570 

24

STRAN & COMPANY, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

(in thousands, except share and per share amounts)

O.LOSS PER SHARE:

The following outstanding shares of
common stock equivalents were excluded from the computation of diluted net loss per share for the periods in which a net loss is presented
because their effect would have been anti-dilutive.

    June 30,
 2024  
    June 30,
 2023 

    (Restated)