Company: SWAGW
Filing Date: 2025-03-07
Form Type: 10-Q
Source: 0001213900-25-021742
Chunk: 157

Company: Stran & Company, Inc.
Filing Date: 2025-03-07
Form: 10-Q
Item: Part I, Item 1
Chunk 157
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 timeframe through the life of the stock repurchase program. The
repurchase authorization has no expiration date but may be suspended or discontinued at any time. Stock repurchases are paid using
cash generated by operations.

In connection
with our stock repurchase program, on May 23, 2022, we announced that we had established a trading plan with B. Riley intended to qualify
under Rule 10b-18 (the “Rule 10b-18 Plan”). In May 2023, we renewed the Rule 10b-18 Plan. The Rule 10b-18 Plan was terminated
in June 2024.

During the three months ended September 30, 2024,
we did not repurchase any shares.

41

Debt

On November
22, 2021, we entered into the Revolving Demand Line of Credit Loan Agreement, dated as of November 22, 2021 (the “Initial Loan Agreement”),
between the Company and Salem Five Cents Savings Bank, a Massachusetts savings bank (“Salem Five Cents“),
for a revolving line of credit (the “Revolving Line of Credit”) consisting of
aggregate loans of up to $7.0 million, evidenced by the Revolving Demand Line of Credit Note, dated November 22, 2021, by the Company
in favor of Salem Five Cents (the “Demand Note”). The Revolving Line of Credit
and the Demand Note were secured by a first priority security interest in all assets and property of the Company, as provided in the Security
Agreement, dated November 22, 2021, between Salem Five Cents and the Company (the “Security Agreement”), and as described
below. Under a Commercial Loan Modification Agreement, dated as of February 12, 2024, between Salem
Five Cents and the Company (the “Loan Modification Agreement”), certain terms of the Initial
Loan Agreement were modified as of February 12, 2024, as described below (as amended, the “Loan Agreement” and
together with the Security Agreement and the Demand Note, the “Loan Documents”).

The amount
available under the Revolving Line of Credit was the lesser of $7.0 million or the sum of (x) eighty percent (80.0%) of the then-outstanding
amount of Eligible Accounts (as defined below), plus (y) fifty percent (50.0%) of Eligible Inventory (as defined below); minus one hundred