Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 1769

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 9
Chunk 1769
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 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.

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, and will renew for an additional one-year term at the end of the current and each subsequent one-year
term unless either party provides notice to the other 60 days prior to the end of the then-current term.

The Company may terminate Mr. Shape’s employment
by giving at least 30 days’ written notice. If we terminate Mr. Shape without cause or he resigns for good reason as provided under the
Shape Employment Agreement, we must pay at least 24 months’ severance, reimbursement of Mr. Shape for the first 18 months of the
premiums associated with Mr. Shape’s continuation of health insurance for Mr. Shape and his family pursuant to COBRA, and immediate
vesting of any outstanding unvested equity granted to Mr. Shape during Mr. Shape’s employment and immediate lifting of all lockups
and restrictions on sales of such equity or exercise of stock options. If we give notice of non-renewal of the Shape Employment Agreement
with 60 days’ notice, then, upon Mr. Shape’s execution of a release, we must pay six months’ severance and reimburse the first six
months of the premiums associated with Mr. Shape’s continuation of health insurance for him and his family pursuant to COBRA.

Mr. Shape is also subject to standard confidentiality
and noncompetition provisions, and Mr. Shape’s stock option agreement contains certain non-competition and non-solicitation provisions
pursuant to the standard form of such agreement under the Stran & Company, Inc. Amended and Restated 2021 Equity Incentive Plan (the
“Plan”).

60

Employment
Agreement with David Browner

From January
1, 2022 to July 28, 2022, David Browner, then the Company’s Controller,