Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 710

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 2
Chunk 710
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, was provided an annual salary of $150,000 and
standard employee benefits on an at will basis. As of July 29, 2022, Mr. Browner was appointed as the Company’s Interim Chief Financial
Officer. In connection with the appointment, effective as of July 29, 2022, Mr. Browner’s salary was increased to $200,000, and
Mr. Browner was provided with a $750 monthly car allowance. On March 27, 2023, Mr. Browner was appointed as the Company’s Chief
Financial Officer. Mr. Browner’s compensation was left unchanged pending review by the Compensation Committee.

On April
14, 2023, the Compensation Committee approved an Employment Agreement with Mr. Browner (the “Browner Employment Agreement”),
and it was entered into as of the same date. Under the Browner Employment Agreement, Mr. Browner will continue to be employed as the Company’s
Chief Financial Officer and will continue to function as its principal financial officer and principal accounting officer during the term
of the agreement. The initial term of the agreement will be two years and will automatically extend an additional year each year unless
one party gives 60 days’ notice before the end of the term, unless terminated earlier in accordance with its terms as described
below. Mr. Browner will receive an annual base salary of $250,000. In addition, the Company will pay up to $750 per month to maintain
a leased automobile for business use by Mr. Browner.

For each
fiscal year during the term of the Browner Employment Agreement, Mr. Browner will receive up to three cash bonuses and six equity bonuses
depending on the board’s or the Compensation Committee’s certification of the Company’s attainment of the performance
conditions provided for in the Browner Employment Agreement. The performance conditions will be based on an annual sales target, an annual
gross profit target, and an annual net profit target. Each target will be set by the board, the Compensation Committee, or an executive
officer or other party delegated with such authority other than Mr. Browner, for the applicable fiscal year. Each target will generally
be measured against the audited U.S. GAAP-compliant financial statements of the Company for that year, except that net profit or the equivalent
item will be adjusted to exclude expenses related to annual bonus payments to the Company’s executive officers or members of its
management team. The annual targets for fiscal