Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1424

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 7
Chunk 1424
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 and $1,080,000 for the net profit target. The annual targets for fiscal year 2024 for purposes
of the A&R Audibert Consulting Agreement were determined not to have been met in any respect.

Each fiscal
year during the term of the A&R Audibert Consulting Agreement, JCA will be granted restricted common stock with performance conditions
for vesting in the number of shares of restricted stock equal to $80,000 divided by the closing price of the common stock on The Nasdaq
Capital Market tier of Nasdaq on the grant date. Each restricted stock grant will vest as to the amounts described below upon certification
by the board or the Compensation Committee of attainment of the respective performance targets. For the first term year, the A&R Audibert
Consulting Agreement provided that the restricted stock’s grant date would be the date of the agreement and the number of shares
would be based on the closing price of the common stock on The Nasdaq Capital Market on the later of that date or the date of the approval
of the grant by the board or the Compensation Committee. For the subsequent year, the restricted stock will be granted at the beginning
of the fiscal year upon approval of the board or the Compensation Committee and will be equal to $80,000 divided by the closing price
of the common stock on The Nasdaq Capital Market on the anniversary of the date of the agreement, or as otherwise determined by the board
or Compensation Committee. On April 14, 2023, JCA was granted 46,511 shares of restricted common stock and such amount was accepted by
JCA as the restricted stock grant provided for by the A&R Audibert Consulting Agreement for the initial year of the term of the agreement.

In addition,
on the date of the A&R Audibert Consulting Agreement and at the beginning of each subsequent fiscal year during the term of the agreement,
JCA will be granted a stock option to purchase the maximum number of shares subject to approval of the board or the Compensation Committee
and the equity bonus performance conditions to vesting described below. Accordingly, on April 14, 2023, the Company granted JCA a stock
option for the purchase of 180,000 shares of common stock at an exercise price of $1.72 per share, which provided that it would vest and
become exercisable upon certification of attainment of the applicable targets set by the board or the Compensation Committee in accordance
with the equity bonus terms described below. Due to the