Company: SWAGW
Filing Date: 2025-01-22
Form Type: 10-K/A
Source: 0001213900-25-005516
Chunk: 111

Company: Stran & Company, Inc.
Filing Date: 2025-01-22
Form: 10-K/A
Chunk 111
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 total payments toward these prior-year         
 commissions in addition to accrued interest of $2,742, and was paid $120,000. During 2023,         
 Mr. Birney became entitled to approximately $77,110 and was entitled to accrued interest           
 of $471, and was paid $77,110. Mr. Birney also received $9,000 as an automobile allowance          
 in each of 2022 and 2023. All outstanding accrued interest upon prior-year commissions payable     
 to Mr. Shape was orally waived on March 25, 2024. Effective January 2, 2024, Mr. Birney was        
 no longer an “executive officer” of the Company as such term is defined under Rule 3b-7            
 of the Exchange Act. Mr. Birney remained an employee of the Company.                               |

| (5) | Stephen Paradiso resigned from his position with the Company effective December 1, 2023. |

Executive Officer Employment and Consulting Agreements Employment Agreement with Andrew Shape Under our employment agreement with our Chief Executive Officer, Andrew Shape, dated July 13, 2021 and effective as of November 8, 2021 (the “Shape Employment Agreement”), we agreed that, for a three-year term, unless terminated earlier in accordance with its terms, we will pay Mr. Shape 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. 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