Company: SWAGW
Filing Date: 2025-07-11
Form Type: DEF 14A
Source: 0001213900-25-062961
Chunk: 37

Company: Stran & Company, Inc.
Filing Date: 2025-07-11
Form: DEF 14A
Chunk 37
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2021 (the “Shape Employment Agreement”), Mr. Shape will receive an annual salary of $400,000 and will be eligible to receive an annual cash bonus as determined by the Board of Directors. Pursuant to the Shape Employment Agreement, on November 12, 2021, we awarded Mr. Shape a stock option for the purchase of 323,810 shares of the Company’s 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%) vesting monthly over the following three years after the first anniversary of the date of grant at a rate of 1/36 per month.

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The Shape Employment Agreement provides that Mr. Shape was entitled to the payment of $10,000 per month as repayment of sales commissions that had been earned in previous years totaling approximately $140,927, subject to certain terms and conditions. During 2022, Mr. Shape was entitled to $120,000 in total payments toward prior-year commissions in addition to accrued interest of $1,918, and was paid $90,000 towards these commissions. During 2023, Mr. Shape became entitled to an additional $20,927 in total payments toward these prior-year commissions and accrued interest of $293. All $30,927 of outstanding payable prior-year commissions was paid to Mr. Shape during 2023. All outstanding accrued interest upon prior-year commissions payable to Mr. Shape was orally waived on March 25, 2024.

On February 15, 2024, in connection with the Company’s fiscal year 2023 executive bonus determinations, the Compensation Committee determined that Mr. Shape would be awarded a $50,000 cash bonus.

On March 19, 2025, the Compensation Committee approved a discretionary cash bonus of $50,000 to Mr. Shape. The bonus compensation was in addition to any cash bonus or other compensation that Mr. Shape may be entitled to or eligible for under the Shape Employment Agreement.

Mr. Shape will be provided with standard executive benefits. The Company will also provide standard indemnification and directors’ and officers’ insurance.

The initial term of the Shape Employment Agreement commenced on November 8, 2021 and ended on November 8, 2024. The Shape Employment Agreement automatically renewed for an additional one-year term at the end of the initial term,