Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 131

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 131
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 is covered by the Company’s directors and officers insurance policy as an executive officer. 67 Employment Agreement with Randolph Birney Under our employment agreement with Randolph Birney, dated July 13, 2021 and effective as of November 8, 2021 (the “Birney Employment Agreement”), we agreed that, for a three-year term, unless terminated earlier in accordance with its terms, Mr. Birney will receive an annual salary of $300,000 and an annual cash bonus as determined by the board. Pursuant to the Birney Employment Agreement, on November 12, 2021, we awarded Mr. Birney a stock option for the purchase of 76,190 shares of common stock at an exercise price of $4.15 per share. 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%) will vest monthly over the following three years after the first anniversary of the date of grant at a rate of 1/36 per month. Mr. Birney was entitled to $10,000 per month as repayment of sales commissions totaling approximately $197,109.95 that had been earned in previous years, subject to certain terms and conditions. All equity compensation under the Birney Employment Agreement has been made under standard forms of award agreements under the Plan. Mr. Birney was entitled to the payment of $10,000 per month during 2022 and 2023 as repayment of sales commissions that had been earned in previous years totaling approximately $197,110, subject to certain terms and conditions. During 2022, Mr. Birney was entitled to $120,000 in total payments toward these prior-year commissions in addition to accrued interest of $2,742, and was paid $120,000. During 2023, Mr. Birney became entitled to approximately $77,110 and was entitled to accrued interest of $471, and was paid $77,110. Mr. Birney also received $9,000 as an automobile allowance in each of 2022 and 2023. All outstanding accrued interest upon prior-year commissions payable to Mr. Shape was orally waived on March 25, 2024. Mr. Birney will be provided with standard executive benefits. The Company may terminate Mr. Birney’s employment by giving at least 30 days written notice. If we terminate Mr. Birney without cause or he resigns for good reason as provided