Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1436

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 7
Chunk 1436
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 and conditions of the option agreement as established by the administrator at the time of the grant.
The option must be exercised by notice to us, accompanied by payment of the exercise price. Payments may be made in cash or, at the option
of the administrator, by actual or constructive delivery of shares of common stock based upon the fair market value of the shares on the
date of exercise.

Expiration or Termination. Options, if
not previously exercised, will expire on the expiration date established by the administrator at the time of grant. In the case of Incentive
Stock Options, such term cannot exceed ten years provided that in the case of holders of more than 10% of our voting stock, such term
cannot exceed five years. Options will terminate before their expiration date if the holder’s service with the Company or an affiliate
company terminates before the expiration date. The option may remain exercisable for specified periods after certain terminations of employment,
including terminations as a result of death, disability or retirement, with the precise period during which the option may be exercised
to be established by the administrator and reflected in the grant evidencing the award.

70

Incentive Stock Options and Non-Qualified Stock Options. As
described elsewhere in this summary, an Incentive Stock Option is an option that is intended to qualify under certain provisions of the
U.S. Internal Revenue Code of 1986, as amended (the “Code”), for more favorable tax treatment than applies to Non-qualified Stock
Options. Only employees may be granted Incentive Stock Options. Any option that does not qualify as an Incentive Stock Option will be
a Non-qualified Stock Option. Under the Code, certain restrictions apply to Incentive Stock Options. For example, the exercise price
for Incentive Stock Options may not be less than the fair market value of the shares on the grant date and the term of the option may
not exceed ten years. In addition, an Incentive Stock Option may not be transferred, other than by will or the laws of descent and distribution,
and is exercisable during the holder’s lifetime only by the holder. In addition, no Incentive Stock Option may be granted to a holder
that is first exercisable in a single year if that option, together with all Incentive Stock Options previously granted to the holder
that also first become exercisable in that year, relate to shares having an aggregate market value in excess of $100,000