Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1288

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 6
Chunk 1288
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 the general release and waiver form annexed to the A&R Audibert Consulting Agreement within 60 days, then the Company must pay
JCA a $50,000 fee.

JCA and
Mr. Audibert are also subject to general confidentiality and non-interference provisions under the A&R Audibert Consulting Agreement
and general non-competition and non-solicitation provisions in JCA’s stock option agreement and restricted stock award agreement
pursuant to the standard forms of such agreements under the Plan.

66

Employment Agreement with Ian Wall

The Company
and Ian Wall, its Chief Information Officer, are parties to an employment letter agreement, dated as of December 11, 2023 (the “Wall
Employment Agreement”). Under the Wall Employment Agreement, Mr. Wall will receive an initial annual base salary of $265,000 and
potential salary and annual bonus increases in future years based on the successful achievement of personal and business-related goals.
Mr. Wall will receive a monthly automobile and cellular phone allowance of up to $750. Mr. Wall also received a signing bonus of a stock
option to purchase 15,000 shares of common stock which vested immediately as to one-third and will vest as to each remaining third each
subsequent year subject to its terms and conditions. On January 29, 2024, Mr. Wall was awarded the option to purchase the shares at an
exercise price of $1.46 per share.

Mr. Wall
will receive an annual cash bonus based on three performance targets relating to the Company’s results of operations. The bonus
targets are weighted 10% to sales, 50% to gross profit, and 40% to net profit. The bonus will equal each bonus target’s weight percentage
multiplied by (i) 5% of base salary if 95% of the target is met, (ii) 20% of base salary if 100% of the target is met, (iii) 30% if 110%
of the target is met; or (iv) 40% if 120% of the target is met. The performance targets for 2024 were $87,500,000 sales, $26,250,000 gross
profit, and $1,312,500 net profit. The performance targets for fiscal year 2024 for purposes of the Wall Employment Agreement were determined
not to have been met in any respect. Mr. Wall may receive this cash bonus without the related target performance at