Company: SWAGW
Filing Date: 2025-02-11
Form Type: 10-Q
Source: 0001213900-25-011877
Chunk: 100

Company: Stran & Company, Inc.
Filing Date: 2025-02-11
Form: 10-Q
Item: Part I, Item 2
Chunk 100
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 made in accordance with the Company’s insider trading policy as if such purchases were made by a person covered
by the policy. Our insider trading policy generally permits insider purchases of our stock only during the period beginning on the second
business day following the day of public release of our quarterly or annual earnings and ending on the last day of the then-current quarter.
There is no defined number of shares to be repurchased over a specified 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. In May 2023, we renewed the trading plan. The trading plan instructs B. Riley to repurchase shares of common stock
for our account in accordance with Rule 10b-18 and our instructions. Repurchases under the trading plan may continue until the trading
plan terminates in June 2024 unless terminated earlier or extended.

As of June 30,
2024, we had repurchased a total of 1,815,166 shares of common stock for total payments of
approximately $3.4 million, and approximately $6.6 million remained available under the stock repurchase program for future stock repurchases.
During the six months ended June 30, 2024, we did not repurchase any shares.

Debt

On November
22, 2021, we entered into the Initial Loan Agreement with Salem Five Cents, for the Revolving Line of Credit, consisting of aggregate
loans of up to $7.0 million, evidenced by 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 together with the Initial Loan Agreement and the Demand Note, the
“Loan Documents”), 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,