Company: SWAGW
Filing Date: 2025-04-14
Form Type: 10-K
Source: 0001213900-25-031596
Chunk: 428

Company: Stran & Company, Inc.
Filing Date: 2025-04-14
Form: 10-K
Item: Item 1B
Chunk 428
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 the Browner Employment Agreement without complying with the requirements
to terminate with good reason will be equivalent to termination with cause. Termination under any provision of the Browner Employment
Agreement will generally result in the Company’s obligation to provide accrued and unpaid or pending cash, equity or other compensation.
If the Company terminates Mr. Browner without cause or he terminates for good reason, and provided that Mr. Browner signs the general
release and waiver annexed to the Browner Employment Agreement within 60 days, the Company will be required to pay the lesser of the number
of months’ severance remaining under the term of the Browner Employment Agreement and either four months if the termination occurs
during the first year of the term or three months if the termination occurs during the second year of the term, provided that Mr. Browner
receives at least three months’ severance; reimburse Mr. Browner for the first 18 months of the premiums associated with Mr. Browner’s
continuation of health insurance for Mr. Browner and his family pursuant to COBRA; and approve immediate vesting of any outstanding unvested
equity awards granted to Mr. Browner during his employment and immediate lifting of all lockups and restrictions on sales or exercise
of such awards. If the Company elects not to renew the Browner Employment Agreement, then the Company must pay three months’ severance
and reimburse the first six months of the premiums associated with Mr. Browner’s continuation of health insurance for Mr. Browner
and his family pursuant to COBRA. If Mr. Browner is terminated in the event of death or disability, then the Company must approve immediate
vesting of any outstanding unvested equity awards granted to Mr. Browner during his employment and immediate lifting of all lockups and
restrictions on sales or exercise of such awards. In addition, if the Company does not renew the term of the Browner Employment Agreement
and Mr. Browner’s termination occurs within 90 days before or 12 months after a Change in Control (as defined by the Browner Employment
Agreement), then, provided that Mr. Browner signs the general release and waiver annexed to the Browner Employment Agreement within 60
days, the Company must pay the same severance amount as described above in the event of a termination for cause or resignation for good
reason; provide the same COBRA benefits as described above in the event of a termination for cause or resignation for good reason