Exhibit 10.28


 


RESTRICTED STOCK AWARD AGREEMENT


 


This Restricted Stock Award
Agreement (this “Agreement”) is made and entered into as of _______________ (the “Grant Date”) by
and between Stran & Company, Inc., a Nevada corporation (the “Company”), and ______________ (the “Grantee”).


 


WHEREAS, the Company
has adopted the Stran & Company, Inc. Amended and Restated 2021 Equity Incentive Plan (the “Plan”) pursuant to
which awards of Restricted Stock may be granted; and


 


WHEREAS, the Committee
has determined that it is in the best interests of the Company and its stockholders to grant the award of Restricted Stock provided for
herein.


 


NOW, THEREFORE, the
parties hereto, intending to be legally bound, agree as follows:


 


1. Grant
of Restricted Stock. Pursuant to Section 7.2 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted
Stock Award consisting of, in the aggregate, _________ shares of Common Stock of the Company (the “Restricted Stock”),
on the terms and conditions and subject to the restrictions set forth in this Agreement and the Plan. Capitalized terms that are used
but not defined herein have the meaning ascribed to them in the Plan.


 


2. Consideration.
The grant of the Restricted Stock is made in consideration of the services to be rendered by the Grantee to the Company.


 


3. Restricted
Period; Vesting.


 


3.1. Except
as otherwise provided herein, provided that the Grantee remains in Continuous Service through the applicable vesting date, and further
provided that any additional conditions and performance goals set forth in Schedule I have been satisfied, the Restricted Stock will vest
in accordance with the following schedule:


 


	Vesting Date	 	Shares of Common Stock
	[VESTING DATE]	 	[NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE]
	[VESTING DATE]	 	[NUMBER OR PERCENTAGE OF SHARES THAT VEST ON THE VESTING DATE]


 


The period over which the
Restricted Stock vests is referred to as the “Restricted Period”.


 


3.2. The
foregoing vesting schedule notwithstanding, if the Grantee’s Continuous Service terminates for any reason at any time before all
of his or her Restricted Stock has vested other than death or retirement (in the case of a Director), termination of the Grantee’s
Continuous Service is terminated by the Company or an Affiliate for Disability, the Grantee’s unvested Restricted Stock shall be
automatically forfeited upon such termination of Continuous Service and neither the Company nor any Affiliate shall have any further obligations
to the Grantee under this Agreement.


 


3.3.   The
foregoing vesting schedule notwithstanding, in the event of the Grantee’s death or if the Grantee’s Continuous Service is
terminated by the Company or an Affiliate for Disability, 100% of the unvested Restricted Stock shall vest as of the date of such termination.


 








    


     


    

 


3.4. The foregoing
vesting schedule notwithstanding, if the Grantee is an Outside Director, 100% of the unvested Restricted Stock shall vest on the Grantee’s
attainment of mandatory retirement age for members of the Board, if any.


 


4. Restrictions.
Subject to any exceptions set forth in this Agreement or the Plan, during the Restricted Period, the Restricted Stock or the rights relating
thereto may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee. Any attempt to
assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock or the rights relating thereto during the
Restricted Period shall be wholly ineffective and, if any such attempt is made, the Restricted Stock will be forfeited by the Grantee
and all of the Grantee’s rights to such shares shall immediately terminate without any payment or consideration by the Company.


 


5. Rights
as Stockholder; Dividends.


 


5.1.   The
Grantee shall be the record owner of the Restricted Stock until the shares of Common Stock are sold or otherwise disposed of, and shall
be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares and receive
all dividends or other distributions paid with respect to such shares. Notwithstanding the foregoing, any dividends or other distributions
shall be subject to the same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid.


 


5.2.   The
Company may issue stock certificates or evidence the Grantee’s interest by using a restricted book entry account with the Company’s
transfer agent. Physical possession or custody of any stock certificates that are issued may be retained by the Company until such time
as the Restricted Stock vests.


 


5.3.   If
the Grantee forfeits any rights he or she has under this Agreement in accordance with Section 3, the Grantee shall, on the date of such
forfeiture, no longer have any rights as a stockholder with respect to the Restricted Stock and shall no longer be entitled to vote or
receive dividends on such shares.


 


6. No
Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Grantee any right to be retained in any position,
as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the
discretion of the Company to terminate the Grantee’s Continuous Service at any time, with or without Cause.


 


7. Adjustments.
If any change is made to the outstanding Common Stock or the capital structure of the Company, if required, the shares of Common Stock
shall be adjusted or terminated in any manner as contemplated by Section 11 of the Plan.


 


8. Tax
Liability and Withholding.


 


8.1. The
Grantee shall be required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Grantee
pursuant to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock and to take all such other action
as the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Grantee
to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: (a)
tendering a cash payment; (b) authorizing the Company to withhold shares of Common Stock from the shares of Common Stock otherwise issuable
or deliverable to the Grantee as a result of the vesting of the Restricted Stock; provided, however, that no shares of Common Stock
shall be withheld with a value exceeding the minimum amount of tax required to be withheld by law; or (c) delivering to the Company previously
owned and unencumbered shares of Common Stock.


 






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8.2. Notwithstanding
any action the Company takes with respect to any or all income tax, social insurance, payroll tax, or other tax-related withholding (“Tax-Related
Items”), the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and the Company
(a) makes no representation or undertakings regarding the treatment of any Tax-Related Items in connection with the grant or vesting of
the Restricted Stock or the subsequent sale of any shares; and (b) does not commit to structure the Restricted Stock to reduce or eliminate
the Grantee’s liability for Tax-Related Items.


 


9.   Section
83(b) Election. The Grantee may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect
to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Grantee elects to make a
Section 83(b) Election, the Grantee shall provide the Company with a copy of an executed version and satisfactory evidence of the filing
of the executed Section 83(b) Election with the US Internal Revenue Service. The Grantee agrees to assume full responsibility for ensuring
that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting
from the Section 83(b) Election.


 


10.   Non-competition
and Non-solicitation.


 


10.1. In
consideration of the Restricted Stock, the Grantee agrees and covenants not to:


 


(a) contribute
his or her knowledge, directly or indirectly, in whole or in part, as an employee, officer, owner, manager, advisor, consultant, agent,
partner, director, stockholder, volunteer, intern or in any other similar capacity to an entity engaged in the same or similar business
as the Company and its Affiliates for a period of one year following the Grantee’s termination of Continuous Service;


 


(b)   directly
or indirectly, solicit, hire, recruit, attempt to hire or recruit, or induce the termination of employment of any employee of the Company
or its Affiliates for one year following the Grantee’s termination of Continuous Service; or


 


(c)   directly
or indirectly, solicit, contact (including, but not limited to, e-mail, regular mail, express mail, telephone, fax, and instant message),
attempt to contact or meet with the current, former or prospective customers of the Company or any of its Affiliates for purposes of offering
or accepting goods or services similar to or competitive with those offered by the Company or any of its Affiliates for a period of one
year following the Grantee’s termination of Continuous Service.


 


10.2. If
the Grantee breaches any of the covenants set forth in Section 10.1:


 


(a)   all
unvested Restricted Stock shall be immediately forfeited; and


 


(b)   the
Company shall have the right, but not the obligation, during the one-year period following the termination of the Participant’s
Continuous Service to acquire any shares of vested Restricted Stock that vested during the one-year period preceding the termination of
the Participant’s Continuous Service that continue to be held by the Participant at the purchase price, if any, paid by the Participant
for such vested Restricted Stock; and


 


(c)   the
Grantee hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction, without
the necessity of showing any actual damages or that money damages would not afford an adequate remedy, and without the necessity of posting
any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages
or other available forms of relief.


 






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11.   Compliance
with Law. The issuance and transfer of shares of Common Stock shall be subject to compliance by the Company and the Grantee with all
applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s
shares of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements
of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the Company and its counsel. The
Grantee understands that the Company is under no obligation to register the shares of Common Stock with the Securities and Exchange Commission,
any state securities commission or any stock exchange to effect such compliance.


 


12.   Legends.
A legend may be placed on any certificate(s) or other document(s) delivered to the Grantee indicating restrictions on transferability
of the shares of Restricted Stock pursuant to this Agreement or any other restrictions that the Committee may deem advisable under the
rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws or
any stock exchange on which the shares of Common Stock are then listed or quoted.


 


13.   Notices.
Any notice required to be delivered to the Company under this Agreement shall be in writing and addressed to the Secretary of the Company
at the Company’s principal corporate offices. Any notice required to be delivered to the Grantee under this Agreement shall be in
writing and addressed to the Grantee at the Grantee’s address as shown in the records of the Company. Either party may designate
another address in writing (or by such other method approved by the Company) from time to time.


 


14.   Governing
Law. This Agreement will be construed and interpreted in accordance with the laws of the State of Nevada without regard to conflict
of law principles.


 


15.   Interpretation.
Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review.
The resolution of such dispute by the Committee shall be final and binding on the Grantee and the Company.


 


16. Restricted
Stock Subject to Plan. This Agreement is subject to the Plan as approved by the Company’s stockholders. The terms and provisions
of the Plan as it may be amended from time to time are hereby incorporated herein by reference. In the event of a conflict between any
term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and
prevail.


 


17.   Successors
and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to the benefit
of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding
upon the Grantee and the Grantee’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Stock may be
transferred by will or the laws of descent or distribution.


 


18. Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability of any
other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and enforceable to
the extent permitted by law.


 


19.   Discretionary
Nature of Plan. The Plan is discretionary and may be amended, cancelled or terminated by the Company at any time, in its discretion.
The grant of the Restricted Stock in this Agreement does not create any contractual right or other right to receive any Restricted Stock
or other Awards in the future. Future Awards, if any, will be at the sole discretion of the Company. Any amendment, modification, or termination
of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment with the Company.


 






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20.   Amendment.
The Committee has the right to amend, alter, suspend, discontinue or cancel the Restricted Stock, prospectively or retroactively; provided,
that, no such amendment shall adversely affect the Grantee’s material rights under this Agreement without the Grantee’s
consent.


 


21.   No
Impact on Other Benefits. The value of the Grantee’s Restricted Stock is not part of his normal or expected compensation for
purposes of calculating any severance, retirement, welfare, insurance or similar employee benefit.


 


22. Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute one
and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable
document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document,
will have the same effect as physical delivery of the paper document bearing an original signature.


 


23.   Acceptance.
The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and understands the terms and provisions
thereof, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan and this Agreement. The Grantee acknowledges
that there may be adverse tax consequences upon the grant or vesting of the Restricted Stock or disposition of the shares and that the
Grantee has been advised to consult a tax advisor prior to such grant, vesting or disposition.


 


[SIGNATURE PAGE FOLLOWS]


 






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IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date first above written.


 


	 	COMPANY:
	 	 
	 	STRAN & COMPANY, INC.
	 	 
	 	By:	 
	 		Name:	 
	 		Title:	 
	 	 
	 	Address:	2 Heritage Drive
	 	 	Suite 600
	 	 	Quincy, MA 02171
	 	 
	 	GRANTEE:
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Name)
	 	 
	 	Address: 	 
	 	 	 
	 	 	 
	 	 	 
	 	SSN: