Document:

Exhibit 10.17

 

EMPLOYMENT
AGREEMENT

 

AGREEMENT
dated as of September 7, 2021, between CHRISTOPHER ROLLINS, residing at 6 Victoria Road, Manchester by the Sea, MA 01944 (“Executive”),
and STRAN & COMPANY, INC., a Nevada corporation having its principal office at 2 Heritage Drive, Suite 600, Quincy, MA 02171 (“Company”).

 

RECITALS

 

The
Company wishes to secure the services of the Executive as the Chief Financial Officer (“CFO”) of the Company (with
such other duties as are consistent with Executive’s status and offices in the Company or its affiliates as may be assigned by
the Board of Directors of the Company (the “Board”)) upon the terms and conditions hereinafter set forth, and the
Executive wishes to render such services to the Company upon the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the mutual promises, terms, covenants and conditions set forth herein and the performance of each, the
parties hereby agree as follows:

 

1. Employment,
Duties and Acceptance.

 

1.1 General.
During the Term (as hereinafter defined), the Company shall employ Executive in the position of CFO of the Company and such other positions
as shall be given to Executive by the Board. All of Executive’s powers and authority in any capacity shall at all times be subject
to the direction and control of the Board. The Board may assign to Executive such management and supervisory responsibilities and executive
duties for the Company or any subsidiary or parent of the Company, including serving as an executive officer and/or director of any subsidiary
or parent of the Company, as are consistent with Executive’s status as CFO.

 

1.2 Full-Time
Position. Executive accepts such employment and agrees to devote substantially all of his business time, energies and attention to
the performance of his duties hereunder. Executive shall not serve as a consultant to, or on boards of directors of, or in any other
capacity to other companies, for profit and not for profit, without the prior consent of the Board. Nothing herein shall be construed
as preventing Executive from making and supervising personal investments, provided they will not interfere with the performance of Executive’s
duties hereunder or violate the provisions of Section 5.4 hereof.

 

1.3 Location.
Executive will perform his duties primarily in Quincy, Massachusetts. However, Executive shall undertake such occasional travel, within
or outside the United States, as is reasonably necessary in the interests of the Company.

 

2. Term.
The term of Executive’s employment hereunder shall commence on the effective date of the registration statement for the Company’s
proposed initial public offering (the “IPO”) and related pricing of the IPO (the “Effective Date”)
and shall continue until the two (2) year anniversary of the Effective Date, unless terminated earlier as hereinafter provided in this
Agreement, or unless extended, on these or different terms, as hereinafter provided in this Agreement or otherwise by mutual written
agreement of the Company and Executive (“Term”). Upon each prescribed date of expiration of the Term (each a “Renewal
Date”), the Term shall automatically be extended by one additional year (the “Extension Period”) unless
either party shall have provided notice to the other sixty (60) days prior to a Renewal Date that such party does not desire to extend
the term of this Agreement, in which case no further extension of the term of this Agreement shall occur pursuant hereto but all previous
extensions of the term shall continue to be given full force and effect. For the avoidance of doubt, the “Term” of
this Agreement shall include any Extension Periods, as well as the period of any extension of the Term by mutual written agreement of
the Company and Executive. The delivery by the Company of written notice that the Term will not be extended in accordance herewith shall
not be deemed a termination of Executive’s employment by the Company without “Cause.” Unless the Company and Executive
have otherwise agreed in writing, if Executive continues to work for the Company after the expiration of the Term, his employment thereafter
shall be under the same terms and conditions provided for in this Agreement, except that his employment will be on an “at will”
basis and the provisions of Sections 4.3, 4.4, 4.5 and 4.6(c) shall no longer be in effect.

 

     

     

    

 

3. Compensation
and Benefits.

 

3.1 Salary.
During the Term, the Company shall pay to Executive a salary at the annual rate of $250,000 (“Base Salary”). Executive’s
Base Salary shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures.

 

3.2
Cash Bonus. For each fiscal year completed during the Term, Executive will be eligible to receive a cash bonus (the “Bonus”)
determined by the achievement of specified Company performance metrics (“Performance Bonus”) as well as additional amounts
as determined by the Board. Prior to each fiscal year, a Company net sales target (“Net Sales Target”) will be set for the
following fiscal year. Executive will receive a Bonus equal to: (i) 20% of Base Salary if 75% of the Net Sales Target is achieved; (ii)
25% of Base Salary if 100% of Net Sales Target is achieved; (iii) 50% of Base Salary if 125% of Net Sales Target is achieved; or (iv)
80% of Base Salary if 150% of Net Sales Target is achieved. Actual net sales for the fiscal year will be determined by the Company’s
audited financial statements and according to Generally Accepted Accounting Principles. If actual net sales is between two of the bonus
thresholds, then Executive shall receive a pro rata Performance Basis.

 

3.3
Stock Options. As soon as practical after the consummation of the IPO, Executive will be awarded stock options for the purchase
of 81,000 shares of the Company’s common stock with an exercise price equal to the price per share paid by investors in the IPO.
The stock options will vest in accordance with the following vesting schedule: the options shall vest over a two (2) year period with
thirty-three percent (33%) of the options vesting immediately upon issuance and the balance of the options (sixty-seven percent (67%))
vesting monthly over the following two (2) years at a rate of 1/24 per month The stock options will be exercisable only to the extent
that the Company has a sufficient number of authorized shares of common stock available for issuance, after accounting for all shares
reserved for issuance pursuant to rights not subject to a similar limitation. If at any time there are not sufficient authorized shares
of common stock as determined in accordance with the preceding sentence, the Company shall use its best efforts to effect an increase
in the number of shares of common stock it is authorized to issue.

 

3.4
Restricted Stock. As soon as practical after the consummation of the IPO, Executive will be awarded 10,000 restricted shares of
the Company’s common stock. The restricted stock will vest in accordance with the following vesting schedule: the stock shall vest
over a two (2) year period with thirty-three percent (33%) of the stock vesting immediately upon issuance and the balance of the stock
(sixty-seven percent (67%)) vesting monthly over the following two (2) years at a rate of 1/24 per month.

 

3.5
Accelerated Vesting of Equity Upon Termination. If: (a) Executive is terminated for any reason other than expiration of the Term
under Section “2”, or “Cause” as defined in Section 4.3 of this Agreement; or (b) if a Change in Control as defined
in Section 4.7 occurs (regardless of whether Executive’s employment terminates in connection with such Change in Control), all
outstanding unvested equity grants, including, but not limited to, grants of shares, restricted stock units, stock options, or warrants
(collectively “Equity Grants”) shall vest immediately and, to the extent permissible under applicable law, all lockups
and restrictions on the sale of such equity or the exercise of options (other than contractual restrictions imposed by a placement agent
or underwriter in connection with a securities offering) shall be deemed lifted effective immediately. In the event of any conflict between
the terms of the Plan or any award agreement and this Section 3.4), the terms of this Section 3.4 shall prevail.

 

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3.6
Benefits. During the Term, Executive shall be entitled to such medical, life, disability and other benefits as are generally afforded
to other executives of the Company, subject to applicable waiting periods and other conditions, as well as participation in all other
company-wide employee benefits, including a defined contribution pension plan, simple IRA, or 401(k) plan, as may be made available generally
to executive employees from time to time.

 

3.7
Vacation and Sick Days. Executive shall be entitled to twenty (20) days of paid vacation and five (5) days of paid sick days in
each year during the Term, to all public holidays customarily observed in Massachusetts, and to a reasonable number of other days off
for religious and personal reasons in accordance with customary Company policy.

 

3.8 Expenses.
The Company shall pay or reimburse Executive for all transportation, hotel and other expenses reasonably incurred during the Term by
Executive on business trips and for all other ordinary and reasonable out-of-pocket expenses actually incurred during the Term by Executive
in the conduct of the business of the Company (including as a member of the Board), against itemized vouchers submitted with respect
to any such expenses and approved in accordance with customary procedures.

 

3.9
Automobile. During the Term, the Company shall provide Executive with a suitable leased automobile for business use and shall
pay for all other costs associated with the use of the vehicle, including insurance costs, repairs and maintenance. The Company shall
not be required to expend more than $750 per month for the costs of leasing and maintaining such automobile. The costs associated with
Executive’s automobile shall be considered taxable income to Executive, except to the extent that it is documented to have been
used by him for business purposes.

 

3.10
Indemnification and Insurance. Executive shall receive indemnification, defense, and advancement of expenses, including reasonable
attorneys’ fees (“Indemnification Rights”) for all third-party claims or claims brought in the name of the Company
arising from or concerning his employment by the Company to the maximum extent permissible under applicable law. Executive’s rights
under this Section shall be in addition to, and not a substitute for, any other indemnification rights Executive has as an executive
or director of the Company under any other agreements, bylaws, or articles of incorporation. The Company shall maintain substantially
the same level of directors’ and officers’ insurance coverage as the Company has in place on the Effective Date during the
Term. The Company shall maintain tail coverage for Executive, at the same level provided to current or former directors and officers
of the Company, for a period of six years after Executive’s employment terminates or until the date the statute of limitations
for all possible claims against Executive expires, whichever is sooner.

 

4. Termination;
Change in Control.

 

4.1 Death.
If Executive dies, Executive’s employment hereunder shall terminate and the Company shall pay to Executive’s estate the amount
set forth in Section 4.6(a).

 

4.2 Disability.
The Company, by written notice to Executive, may terminate Executive’s employment hereunder if Executive shall fail because of
illness or incapacity to render services of the character contemplated by this Agreement for six (6) consecutive months. Upon such termination,
the Company shall pay to Executive the amount set forth in Section 4.6(a).

 

4.3 By
Company for “Cause”. The Company, by written notice to Executive, may terminate Executive’s employment hereunder
for “Cause.” As used herein, “Cause” shall mean: (a) conviction of or plea of guilty or nolo contendere to a
felony under the laws of the United States or any state thereof; (b) commission of fraud or embezzlement on the Company or any of its
subsidiaries; (c) willful act or omission which results in an assessment of a civil or criminal penalty against the Company or any of
its subsidiaries that causes material financial or reputational harm to the Company or any of its subsidiaries; (d) any intentional act
of dishonesty resulting or intending to result in personal gain or enrichment at the expense of the Company or any of its subsidiaries;
(e) a violation by Executive of law (whether statutory, regulatory or common law), causing a material financial harm or material reputational
harm to the Company or any of its subsidiaries; (f) a material violation by Executive of the Company’s (or any of its subsidiaries’)
bona fide, written equal employment opportunity, antidiscrimination, anti-harassment, or anti-retaliation policies; (g) material breach
by the Executive of his obligations pursuant to Section 5.2 and 5.4; (h) the Executive’s consistent abuse of alcohol, prescription
drugs or controlled substances, which interferes with the performance of his duties to the Company; or (i) excessive absenteeism of the
Executive other than for reasons of illness. Notwithstanding the foregoing, no “Cause” for termination shall be deemed to
exist with respect to Executive’s acts described in clauses (b), (g) (h) and (i) above (except as described below), unless the
Company shall have given written notice to Executive within a period not to exceed ten (10) calendar days of the initial existence of
the occurrence, specifying the “Cause” with reasonable particularity and, within thirty (30) calendar days after such notice,
Executive shall not have cured or eliminated the problem or thing giving rise to such “Cause;” provided, however, no more
than two cure periods need be provided during any twelve-month period; and provided further, however, that any breach of this Agreement
relating to the Restricted Activities shall result in a termination for “Cause” without any advance notice and without any
ability on the part of the Executive to cure such breach. Upon such termination, the Company shall pay to Executive the amount set forth
in Section 4.6(b).

 

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4.4 By
Executive for “Good Reason”. The Executive, by written notice to the Company, may terminate Executive’s employment
hereunder if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean the occurrence
of any of the following circumstances without the Executive’s prior written consent: (a) a substantial and material adverse change
in the nature of Executive’s title, duties and/or responsibilities with the Company that represents a demotion from his title,
duties or responsibilities as in effect immediately prior to such change; (b) material breach of this Agreement by the Company; (c) a
failure by the Company to make any payment to Executive when due, unless the payment is not material and is being contested by the Company,
in good faith; or (d) a liquidation, bankruptcy or receivership of the Company; (e) the Company’s relocation of the Company’s
office to a location more than 35 miles from its current location; (f) refusal of any successor to assume this Agreement; or (g) failure
of the Company to maintain directors’ and officers’ insurance coverage of substantially the same amount as it provided as
of the Effective Date. Notwithstanding the foregoing, no “Good Reason” shall be deemed to exist with respect to the Company’s
acts described in clauses (a), (b) or (c) above, unless Executive shall have given written notice to the Company within a period not
to exceed ten (10) calendar days of the Executive’s knowledge of the initial existence of the occurrence, specifying the “Good
Reason” with reasonable particularity and, within thirty (30) calendar days after such notice, the Company shall not have cured
or eliminated the problem or thing giving rise to such “Good Reason”; provided, however, that no more than two cure periods
shall be provided during any twelve-month period of a breach of clauses (a), (b) or (c) above. Upon such termination by the Company or
by the Executive, the Company shall pay to Executive the amount set forth in Section 4.6(c).

 

4.5 By
Company Without “Cause”. The Company may terminate Executive’s employment hereunder without “Cause”
by giving at least thirty (30) days written notice to Executive. Upon such termination, the Company shall pay to Executive the amount
set forth in Section 4.6(c), unless such termination occurs after the expiration of the Term, in which case nothing shall be paid.

 

4.6 Compensation
Upon Termination. In the event that Executive’s employment hereunder is terminated, the Company shall pay to Executive the
following compensation:

 

(a) Payment
Upon Death or Disability. In the event that Executive’s employment is terminated pursuant to Sections 4.1 or 4.2, the Company
shall no longer be under any obligation to Executive or his legal representatives pursuant to this Agreement except for: (i) the Base
Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) all expense reimbursements payable in accordance
with Section 3.7; (iii) all accrued but unused vacation pay, and (iv) any Bonus actually granted by the Board, but unpaid to the Executive,
for any fiscal year prior to the fiscal year of termination (the “Accrued Amounts”); and (v) as set forth in Section
3.4 of this Agreement, immediate vesting of any outstanding unvested equity granted to Executive during his employment and immediate
lifting of all lockups and restrictions on sales of such equity, or exercise of stock options. 

 

(b) Payment
Upon Termination by the Company For “Cause” or Termination by Executive Without “Good Reason”. In the event
that the Company or Executive terminates Executive’s employment hereunder pursuant to Section 4.3 or 4.4, the Company shall have
no further obligations to the Executive hereunder, except for the Accrued Amounts.

 

(c) Payment
Upon Termination by Company Without “Cause” or by Executive for “Good Reason”. In the event that Executive’s
employment is terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except
for: (i) the Accrued Amounts; (ii) upon execution of a general release and waiver in the form annexed to this Agreement as Exhibit
“A” (the “Release”) and subject to Executive’s compliance with Section 5, Base Salary, payable
in equal, periodic installments in accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof
for the shorter of (A) six (6) months or (B) the remainder of the Term, provided that Executive shall in all cases receive at least three
months’ Base Salary; (iii) reimbursement of Executive for the first eighteen (18) months of the premiums associated with Executive’s
continuation of health insurance for him and his family pursuant to COBRA, provided Executive timely elects and is eligible for COBRA
benefits; and (iv) as set forth in Section 3.4 of this Agreement, immediate vesting of any outstanding unvested equity granted to Executive
during his employment and immediate lifting of all lockups and restrictions on sales of such equity, or exercise of stock options. 
Executive shall have 60 days from the date of termination to execute and return the Release.

 

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(d)
Payment Upon Termination Due To Non-Renewal of Agreement At The End of Term. In the event that Executive’s employment is
terminated pursuant to Section 2 due to the Company giving Executive 60 days’ notice of its intent not to renew the Term, or any
subsequent term, the Company shall have no further obligations to Executive hereunder except for: (i) the Accrued Amounts; and (ii) upon
execution of the Release, and subject to Executive’s compliance with Section 5, Base Salary in equal, periodic installments in
accordance with the Company’s normal payroll procedures in accordance with Section 3.1 hereof for six months; and (iii) reimbursement
of Executive for the first six (6) months of the premiums associated with Executive’s continuation of health insurance for him
and his family pursuant to COBRA, provided Executive timely elects and is eligible for COBRA benefits.

 

(e)
Timing of Payments. All Accrued Amounts provided for under this Agreement shall be paid within seven (7) calendar days after the
termination of Executive’s employment. All payments made on account of Executive’s execution of the Release shall be paid
on the eighth (8th) day following such execution and the first payment made to Executive after execution of the Release shall include
any amounts that would have otherwise been paid prior to such date if Executive had executed the Release on the termination date.

 

(f)
Mitigation. Executive shall have no duty to mitigate awards paid or payable to him pursuant to this Agreement, and any compensation
paid or payable to Executive from sources other than the Company will not offset or terminate the Company’s obligation to pay to
Executive the full amounts pursuant to this Agreement.

 

4.7
Change in Control.

 

(a)
For the purposes of this Agreement, “Change in Control” shall be deemed to have occurred if, after the Effective Date,
any of the following occurs (through one or a series of related transactions): (a) the sale, disposition or transfer to an unrelated
third-party of all or substantially all of the consolidated assets of the Company and its consolidated subsidiaries, (b) a sale, disposition
or transfer resulting in no less than a majority of the voting power or equity interests of the Company and its consolidated subsidiaries
on a fully diluted basis being held by a person (as defined below) or persons acting as a group who prior to such sale, disposition or
transfer did not have a majority of such voting power, (c) a merger, consolidation, recapitalization or reorganization of the Company
or its consolidated subsidiaries with or into one or more entities such that “control” (as defined below) of the resulting
entity is held, directly or indirectly, by a person or persons acting as a group who did not have control of the Company and its consolidated
subsidiaries prior to such merger, consolidation, recapitalization or reorganization, or (d) the liquidation or dissolution of the Company
or its consolidated subsidiaries. For purposes of the foregoing, “control” means the power to direct or cause the direction
of the management and policies, or the power to appoint directors, whether through the ownership of voting interests, by contract or
otherwise, and “person” shall have the meaning such term has as is used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended). For the avoidance of doubt any restructuring of the Company into a holding company structure, re-domestication
of the Company into a different jurisdiction or other reorganization of the Company where the persons who prior to such restructuring,
re-domestication or reorganization held a majority of the voting power continue to hold a majority of the voting power thereafter shall
not be deemed to be a Change in Control.

 

(b)
Notwithstanding anything in this Agreement to the contrary, if Executive’s employment hereunder is terminated by Executive for
Good Reason, or by the Company without Cause, or if the Company provides notice that the Term will not be extended in accordance with
Section 2, in any case within ninety (90) days prior to, or 12 months after, a Change in Control, then the Company shall have no further
obligations to Executive hereunder except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination;
(ii) upon execution of a general release and waiver in a form satisfactory to the Company, and subject to Executive’s compliance
with Section 5, the compensation provided for in Section 4.6 (c); (iii) all expense reimbursements payable in accordance with Section
3.7; (iv) all accrued but unused vacation pay; (v) any Bonus actually granted by the Board, but unpaid to the Executive, for any fiscal
year prior to the fiscal year of termination; and (vi) reimbursement of Executive for the first eighteen (18) months of the premiums
associated with Executive’s continuation of health insurance for him and his family pursuant to COBRA, provided Executive timely
elects and is eligible for COBRA benefits.

 

(c)
Upon the occurrence of a Change in Control during the Term, whether or not Executive’s employment is terminated, or upon Executive’s
termination without Cause or for Good Reason, all restricted stock, stock option, SAR or similar awards held by Executive shall immediately
vest and shall no longer be subject to forfeiture, unless expressly provided otherwise in the governing documents for such awards.

 

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5. Protection
of Confidential Information; Non-Competition.

 

5.1 Acknowledgment.
Executive acknowledges that:

 

(a)
As a result of his employment with the Company, Executive has obtained and will obtain secret and confidential information concerning
the business of the Company and its subsidiaries (referred to collectively in this Section 5 as the “Company”), including,
without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and sources (“Confidential
Information”).

 

(b)
The Company will suffer substantial damage which will be difficult to compute if, during the period of his employment with the Company
or thereafter, Executive should enter a business competitive with the Company or divulge Confidential Information.

 

(c)
The provisions of this Agreement are reasonable and necessary to protect the business of the Company, to protect the Company’s
trade secrets and Confidential Information and to prevent loss to a competitor of an employee whose services are special, unique and
extraordinary.

 

5.2 Confidentiality.
Executive agrees that he will not at any time, during the Term or thereafter, divulge to any person or entity any Confidential Information
obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing his duties hereunder,
(ii) with the Company’s prior written consent; (iii) to the extent that any such information is in the public domain other than
as a result of Executive’s breach of any of his obligations hereunder; or (iv) where required to be disclosed by court order, subpoena
or other government process. If Executive shall be required to make disclosure pursuant to the provisions of clause (iv) of the preceding
sentence, Executive promptly, but in no event more than 48 hours after learning of such subpoena, court order, or other government process,
shall notify, confirmed by mail, the Company and, at the Company’s expense, Executive shall: (a) take all reasonably necessary
and lawful steps required by the Company to defend against the enforcement of such subpoena, court order or other government process,
and (b) permit the Company to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

 

5.3 Documents.
Upon termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda, notes, records, reports,
manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company and all property associated
therewith, which he may then possess or have under his control; provided, however, that Executive shall be entitled to retain copies
of such documents reasonably necessary to document his financial relationship with the Company.

 

5.4 Non-Competition.
For and in consideration of Executive’s employment by the Company and the consideration the Executive will receive thereby, Executive
hereby agrees that Executive shall not during the period of his employment by or with the Company and for the Applicable Period (defined
below), for himself or on behalf of, or in conjunction with, any other person, persons, company, partnership, limited liability company,
corporation or business of whatever nature:

 

(a)
engage, as an officer, director, manager, member, shareholder, owner, partner, joint venturer, trustee, or in a managerial capacity,
whether as an employee, independent contractor, agent, consultant or advisor, or as a sales representative, in an entity that designs,
researches, develops, markets, sells or licenses products or services that are substantially similar to or competitive with the business
of the Company that is located within twenty-five (25) miles of any market in which Company currently operates or has plans to do business
in at the time of termination;

 

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(b)
call upon any person who is at that time, or within the preceding twelve (12) months has been, an employee of the Company, for the purpose,
or with the intent, of enticing such employee away from, or out of, the employ of the Company or for the purpose of hiring such person
for Executive or any other person or entity, unless any such person was terminated by the Company prior thereto; 

 

(c)
call upon any person who, or entity that is then or that has been within one year prior to that time, a customer of the Company, for
the purpose of soliciting or selling products or services in competition with the Company; or

 

(d)
call upon any prospective acquisition or investment candidate, on the Executive’s own behalf or on behalf of any other person or
entity, which candidate was known by Executive to have, within the previous twelve (12) months, been called upon by the Company or for
which the Company made an acquisition or investment analysis or contemplated a joint marketing or joint venture arrangement with, for
the purpose of acquiring or investing or enticing such entity into a joint marketing or joint venture arrangement;

 

provided
that, the solicitation, encouragement and inducement prohibited in Sections 5.4(a)-(d) expressly shall not include situations where an
employee, consultant, representative, officer, customer, or director responds to advertising or marketing placed into the public domain
by Executive or his affiliates or otherwise voluntarily contacts Executive or his affiliates.

 

5.5 Injunctive
Relief. If Executive commits a breach, or threatens to commit a breach, of any of the provisions of Section 5.2 or 5.4, the Company
shall have the right and remedy to seek to have the provisions of this Agreement specifically enforced by any court having equity jurisdiction,
it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are of a special, unique and
extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company and that money damages
will not provide an adequate remedy to the Company. The rights and remedies enumerated in this Section 5.5 shall be in addition to, and
not in lieu of, any other rights and remedies available to the Company under law or equity. In connection with any legal action or proceeding
arising out of or relating to this Agreement, the prevailing party in such action or proceeding shall be entitled to be reimbursed by
the other party for the reasonable attorneys’ fees and costs incurred by the prevailing party. 

 

5.6 Modification.
If any provision of Section 5.2 or 5.4 is held to be unenforceable because of the scope, duration or area of its applicability, the tribunal
making such determination shall have the power to modify such scope, duration, or area, or all of them, and such provision or provisions
shall then be applicable in such modified form.

 

5.7 Survival.
The provisions of this Section 5 shall survive the termination or expiration of this Agreement for any reason, except in the event Executive
is terminated by the Company without Cause, or if Executive terminates this Agreement with Good Reason, in either of which events, Section
5.4(d) shall be null and void and of no further force or effect.

 

5.8
Definitions. For purposes of this Section 5, the term “Applicable Period” shall mean twelve (12) months from
the termination of Executive’s employment.

 

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6. Miscellaneous
Provisions.

 

6.1 Notices.
All notices provided for in this Agreement shall be in writing, and shall be deemed to have been duly given when (i) delivered personally
to the party to receive the same, or (ii) if delivered by nationally recognized overnight courier, addressed to the party to receive
the same at his or its address set forth below, or such other address as the party to receive the same shall have specified by written
notice given in the manner provided for in this Section 6.1. All notices shall be deemed to have been given as of the date of personal
delivery or courier delivery thereof.

 

If
to Executive:

 

Christopher
Rollins

6
Victoria Road

Manchester
by the Sea, MA 01944

 

If
to the Company:

 

2
Heritage Drive, Suite 600

Quincy,
MA 02171

 

6.2 Entire
Agreement; Waiver. Effective as of the Effective Date, this Agreement sets forth the entire agreement of the parties relating to
the employment of Executive and is intended to supersede all prior negotiations, understandings and agreements. No provisions of this
Agreement may be waived or changed except by a writing by the party against whom such waiver or change is sought to be enforced. The
failure of any party to require performance of any provision hereof or thereof shall in no manner affect the right at a later time to
enforce such provision.

 

6.3 Governing
Law. All questions with respect to the construction of this Agreement, and the rights and obligations of the parties hereunder, shall
be determined in accordance with the law of the State of Massachusetts.

 

6.4 Binding
Effect; Nonassignability. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company.
This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s heirs and
legal representatives.

 

6.5 Severability.
Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall be affected, and this
Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

6.6 Section
409A. This Agreement is intended to comply with the provisions of Section 409A of the Internal Revenue Code (“Section 409A”).
To the extent that any payments and/or benefits provided hereunder are not considered compliant with Section 409A, the parties agree
that the Company shall take all actions necessary to make such payments and/or benefits become compliant.

 

[Signature
Page Follows]

 

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IN
WITNESS WHEREOF, the parties have executed this Agreement on the date first above written.

 

	 	STRAN & COMPANY, INC.
	 	 
	 	By:	/s/ Andrew Shape
	 	Name: 	Andrew Shape
	 	Title:	Chief Executive Officer
	 	 	 
	 	/s/ Christopher Rollins
	 	CHRISTOPHER ROLLINS

 

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EXHIBIT
A

 

RELEASE

 

I,
Christopher Rollins, the undersigned, and Stran & Company, Inc. (the “Company”) entered into an Employment
Agreement (the “Agreement”) on September 7, 2021, of which this Exhibit A Release forms a part. For purposes
of this Exhibit A Release, the Company shall be defined the same as in the Agreement.

 

The
Company and I agree that this Exhibit A Release will become effective seven (7) days after I sign it and do not revoke it. I understand
and agree that I may not sign the Exhibit A Release prior to the termination date specified in the Agreement. Upon the effectiveness
of the Exhibit A Release, I will be entitled to the payment described in the Agreement, in the manner and under the terms and conditions
set forth in the Agreement.

 

In
exchange for providing me with these enhanced benefits described in the Agreement, I agree to waive all claims against the Company, and
to release and forever discharge the Company, to the fullest extent permitted by law, from any and all liability for any claims, rights
or damages of any kind, whether known or unknown to me, that I may have against the Company as of the date of my execution of this Exhibit
A Release that arise out of or relate in any way to my employment with the Company or the termination of such employment, arising under
any applicable federal, state or local law or ordinance, including but not limited to Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1866, the Equal Pay Act, the Uniform Services Employment and Re-employment Rights Act, the Age Discrimination in
Employment Act of 1967, the Americans with Disabilities Act, the Family And Medical Leave Act, the Employee Retirement Income Security
Act, the Civil Rights Act of 1991, the Rehabilitation Act of 1973, the Older Workers Benefit Protection Act, the Worker Adjustment Retraining
and Notification Act, the Occupational Safety and Health Act of 1970, and claims for individual relief under the Sarbanes-Oxley Act of
2002 and any other federal, state or local statute or constitutional provision governing employment; all tort, contract (express or implied),
common law, and public policy claims of any type whatsoever; all claims for invasion of privacy, defamation, intentional infliction of
emotional distress, injury to reputation, pain and suffering, constructive and wrongful discharge, retaliation, wages, monetary or equitable
relief, vacation pay, grants or awards under any unvested and/or cancelled equity and/or incentive compensation plan or program, separation
and/or severance pay under any separation or severance pay plan maintained by the Company, any other employee fringe benefits plans,
medical plans, or attorneys’ fees; or any demand to seek discovery of any of the claims, rights or damages previously enumerated
herein.

 

This
Exhibit A Release is not intended to, and does not, release rights or claims that may arise after the date of my execution hereof, including
without limitation any rights or claims that I may have to secure enforcement of the terms and conditions of the Agreement or the Exhibit
A Release. To the extent any claim, charge, complaint or action covered by the Exhibit A Release is brought by me, for my benefit or
on my behalf, I expressly waive any claim to any form of individual monetary or other damages, including attorneys’ fees and costs,
or any other form of personal recovery or relief in connection with any such claim, charge, complaint or action. I further agree to dismiss
with prejudice any pending civil lawsuit or arbitration covered by the Exhibit A Release. For purposes of this Exhibit A Release, “I”
shall include my heirs, executors, administrators, attorneys, representatives, successors and assigns.

 

    10

     

    

 

I
acknowledge that I am executing this Exhibit A Release voluntarily, free of any duress or coercion. The Company has urged me to obtain
the advice of an attorney or other representative of my choice, unrelated to the Company, prior to executing this Exhibit A Release,
and I acknowledge that I have had the opportunity to do so. Further, I acknowledge that I have a full understanding of the terms of the
Agreement and this Exhibit A Release. I understand that the execution of this Exhibit A Release is not to be construed as an admission
of liability or wrongdoing by the Company or me.

 

I
acknowledge that I have been given at least twenty-one (21) days within which to consider executing this Exhibit A Release (the
“Twenty-One (21)-Day Period”) and seven (7) days from the date of my execution of this Exhibit A Release within
which to revoke it (the “Exhibit A Revocation Period”). I understand that my executed Exhibit A Release must be returned
to the Chief Executive Officer or another executive of the Company. If I execute the Exhibit A Release prior to the end of the Twenty-One
(21)-Day Period, I agree and acknowledge that: (i) my execution was a knowing and voluntary waiver of my rights to consider this
Exhibit A Release for the full twenty-one (21) days; and (ii) I had sufficient time in which to consider and understand the
Exhibit A Release, and to review it with an attorney or other representative of my choice, if I wished. Any revocation of this Exhibit
A Release must be in writing and returned to the Chief Executive Officer or another executive officer of the Company, via certified U.S.
Mail, Return Receipt Requested. In the event that I revoke this Exhibit A Release, I acknowledge that I will not be entitled to receive,
and agree not to accept, any payments described in the Agreement. I agree that my acceptance of any such payments or benefits will constitute
an acknowledgment that I did not revoke the Exhibit A Release. This Exhibit A Release will not become effective or enforceable until
the Exhibit A Revocation Period has expired.

 

BY
SIGNING THIS EXHIBIT A RELEASE, I ACKNOWLEDGE THAT I AM KNOWINGLY AND VOLUNTARILY WAIVING AND RELEASING ANY AND ALL RIGHTS I MAY HAVE
AGAINST Stran & Company, INC. UP TO THE DATE OF MY EXECUTION OF THIS EXHIBIT A RELEASE
UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE OLDER WORKERS BENEFIT PROTECTION ACT, AND ALL OTHER APPLICABLE DISCRIMINATION LAWS,
STATUTES, ORDINANCES OR REGULATIONS.

 

ACCEPTED
AND AGREED TO

 

	 	 
	Name: 	Christopher Rollins	 
	 	 	 
	 	 
	Date:	 	 

 

 

    11Exhibit 10.18

 

Purchase Money Promissory Note

 

$674,900 

 

Effective Date: May 24, 2021

 
SECTION 1.General.
Andrew “Andy” Shape (the “Borrower”), an individual having an address at 7 Sayles Road, Hingham, MA 02043,
for value received, hereby promises to pay to the order of Andrew Stranberg, an individual, and his heirs or assigns (the “Holder”),
the principal sum of SIX HUNDRED SEVENTY-FOUR THOUSAND NINE HUNDRED AND 00/100 DOLLARS ($674,900), together with interest as provided
below. Interest on the unpaid principal balance of this purchase money promissory note (this “Note”) shall accrue based
on a 360-day year from the date hereof until this Note shall be paid in full, at a simple rate of interest equal to two percent (2.00%)
per annum.

 

SECTION 2. Payment and
Prepayment. Payments of principal and interest shall be made in United States currency which shall be legal tender for the payment
of public and private debts at the time of payment. Such payments shall be made to the Holder at 2345 Lake Avenue, Miami Beach, FL 33140,
or at such other place as the Holder shall designate in writing to the Borrower. The Borrower at its option may at any time prepay this
Note and the interest accrued hereon, in whole or in part, without penalty or premium. The principal hereof shall be payable as follows:

 

		(a)	The outstanding principal amount of this Note shall be due
and payable on May 24, 2024, which is three (3) years from the Effective Date. Notwithstanding the foregoing, the principal amount hereof
and accrued, but unpaid interest thereon, shall be prepaid as follows: One-third (1/3) of the net proceeds of any sales the Collateral
(as defined herein), shall be used to pay down the principal amount and accrued, but unpaid interest thereon.

 

		(b)	All accrued and unpaid interest hereon shall be due and payable
on any other date on which principal is paid as herein provided. In addition, the entire outstanding principal amount hereof and all
accrued and unpaid interest thereon shall become due and payable upon the occurrence and during the continuance of an Event of Default
(as defined herein).

 

SECTION 3. Events of
Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder:

 

		(a)	Borrower breaches any of the terms and provisions of this Note or any other promissory note of Borrower
in favor of Holder, including the failure to pay interest, charges or other amounts due and payable hereunder or under any such other
promissory note and fails to cure any such breach within 5 days thereof; or

 

		(b)	If the Borrower shall (a) file a petition in bankruptcy or a petition to take advantage of any insolvency
act; (b) make an assignment for the benefit of his creditors; (c) consent to the appointment of a receiver of self or of the whole or
any substantial part of his property; or (d) on a petition in bankruptcy filed against him, be adjudicated a bankrupt.

 

SECTION 4.  Security.
This Note is being delivered to the Holder as payment for the purchase price for 3,400,000 shares of Common Stock of the Company (the
“Collateral”) being acquired by the Borrower from the Holder and is secured by the Collateral as described below. To
secure the prompt repayment of each and all of the obligations of the Borrower hereunder to the Holder and its assigns, the Borrower hereby
pledges, grants, assigns and transfers to the Holder and its assigns a continuing lien on and security interest in and to all of the Collateral.

 

		(a)	The Borrower’s grant of such security interests to the Holder shall secure the payment and performance
of the indebtedness, obligations and liabilities of the Borrower to the Holder of every kind and description, direct and indirect, absolute
and contingent, due or to become due, now existing or hereafter arising, that relate to this Note and the rights and remedies created
hereunder, and all legal and other professional fees incurred in connection with any of the foregoing. The security interest granted to
the Holder hereunder shall be prior to all other interests in the Collateral.

 

     

     

    

 

		(b)	The Borrower hereby agrees that the Holder shall have all the rights and remedies of a secured party under
the Uniform Commercial Code as in effect from time to time in the State of Nevada. The Borrower agrees that at any time, and from time
to time, at the request of the Holder, the Borrower shall execute and deliver (or cause to be executed and delivered) any and all such
further instruments and/or documents (including without limitation, UCC-1 financing statements) as the Holder may consider reasonably
necessary or desirable in order to effectuate, complete, perfect or preserve and maintain the lien created hereby. Upon any failure by
the Borrower to do so, the Holder may make, execute, record, file, re-record or refile any and all such instruments and documents for
and in the name of the Borrower; the Borrower hereby irrevocably appoints the Holder as the agent and attorney-in-fact of the Borrower
to do so; and the Borrower shall reimburse the Holder, on demand, for all costs and expenses incurred by the Holder in connection therewith,
such amount being added to the indebtedness arising under this Note.

 

		(c)	The security interest created hereunder shall terminate upon the payment in full by the Borrower to the
Holder of any and all indebtedness, obligations and liabilities arising from, or in any way related to, the Note.

 

For the avoidance of doubt, subject to the transfer
restrictions set forth in the agreement pursuant to which the Borrower acquired the Collateral, the Borrower may sell the collateral at
prevailing market prices so long as such portion of the sale proceeds as is required hereunder is used to repay this Note. In order to
permit the Borrower to make sales of the Collateral from time to time at market prices as contemplated, Holder is not currently perfecting
its security interest in the Collateral. Although the security interest created hereunder may not be currently perfected, Borrower understands
that any breach of this Section 4 would constitute an event of default and agrees that at any time upon the written request of the Holder,
Borrower shall take such action as may be required to assist the Holder in perfecting the security interest contemplated hereby, including,
without limitation, delivering to the Holder a stock certificate evidencing the Collateral and a stock power executed by the Borrower
in blank.

 

SECTION 5. Replacement
of this Note. Upon receipt by the Borrower of evidence reasonably satisfactory to him of the loss, theft, destruction or mutilation
of this Note, and (in case of loss, theft or destruction) of indemnity reasonably satisfactory to the Borrower, and (in case of mutilation)
upon surrender and cancellation of this Note, and upon reimbursement to the Borrower of all reasonable expenses incidental thereto, the
Borrower shall make and deliver a new Note of like tenor in lieu of this Note.

 

SECTION 6. Collection
Costs.

 

		(a)	In addition to all other sums payable under this Note, the Borrower shall pay on demand all costs and
expenses (including attorneys’ fees and expenses and court costs) incurred by the Holder in collecting or enforcing this Note.

 

		(b)	If a judgment is entered hereunder (which judgment may include principal, interest, costs and expenses),
the amount thereof shall bear interest from the date of entry of the judgment at the rate provided in Section 1, plus three (3) percentage
points, or statutory rate of interest on judgments, whichever is greater.

 

SECTION 7. Waivers;
Severability; Headings.

 

		(a)	No delay or omission by the Holder in exercising any power or right hereunder shall operate as a waiver
of any power or right, nor shall any single or partial exercise of any power or right preclude other or further exercise of such power
or right or of any other power or right hereunder or otherwise; and no waiver, modification, amendment, extension, discharge or other
alteration of this Note or of any covenant, agreement, term or condition contained herein shall be valid unless set forth in a writing
signed by the Holder, and such alteration shall then be valid only to the extent expressly set forth in such writing.

 

		(b)	Any provision of this Note which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.
Any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

		(c)	The headings contained herein are for convenience only and shall not control or affect the meaning or
construction of any provision hereof.

 

    2

     

    

 

SECTION 8. Successors
and Assigns. The Borrower shall not transfer or assign any obligation represented by this Note without the prior written consent of
the Holder. All covenants and agreements contained in this Note by or on behalf of the Borrower shall bind its successors and assigns.
All powers, rights and remedies granted hereunder to the Holder shall inure to the benefit of its successors and assigns.

 

SECTION 9. Notices.
All notices or other communications hereunder shall be given in writing, by first class mail, postage prepaid, to the Holder at the place
then designated for the making of payments hereunder or the Borrower at his address first set forth above.

 

SECTION 10. Governing
Law; Submission to Jurisdiction. This Note shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth
of Massachusetts without giving effect to the choice of law principles thereof. The Borrower hereby agrees that any suit, action or proceeding
instituted against it with respect to this Note may be brought in any court of competent jurisdiction located in the Commonwealth of Massachusetts
and by the execution and delivery of this Note the Borrower irrevocably waives (whether it now has or hereafter acquires it) any objection
to (or any right of immunity on the ground of) venue, the convenience of the forum, the jurisdiction of such courts or the execution of
judgments resulting therefrom, and it irrevocably accepts and submits to the jurisdiction of the aforesaid courts in any suit, action
or proceeding.

 

 SECTION 11.  Events of Default; Acceleration
of Maturity. Upon or after the occurrence and during the continuance of an Event of Default, the Holder shall have all of the rights
and remedies of a secured party under the applicable Uniform Commercial Code and, without limitation, are hereby authorized and empowered
to sell, assign, or deliver, in a commercially reasonable manner, all or any part of the a first-priority security interest (the “Pledged
Interest”) at public or private sale, either for cash or on credit or by credit bid, without assumption of any credit risk,
without demand or adjustment (unless otherwise required by law) in accordance with applicable law, including securities laws.  In
the event of such sale, the Holder shall deduct from the proceeds of the sale all reasonable costs and expenses of every kind paid or
incurred by it in enforcing the security interest in the Pledged Interest created hereunder.  Thereafter, the Holder shall apply
the remaining proceeds of any such sale to the payment or reduction, either in whole or in part, of the obligations, until such time as
the obligations have been fully paid, returning the surplus, if any, to the Borrower (subject to the rights of third parties).  The
Holder shall not incur any liability as a result of any private sale of the Pledged Interest that is conducted in a commercially reasonable
manner, upon reasonable notice to the Borrower and in accordance with applicable law during the continuance of an Event of Default. 
So long as any sale is made in a commercially reasonable manner and in accordance with applicable law during the continuance of an Event
of Default, the Borrower hereby waives any claims which may arise by reason of the fact that the price at which the Pledged Interest is
sold at private sale is less than the price which would have been obtained at a public sale or sales or is less than the amount of the
obligations, even if the Holder accepts the first offer received or makes the only offer or does not offer the Pledged Interest to more
than one offeree (including itself).

 

 SECTION 12.  Suits for Enforcement.
In case any one or more of the Events of Default shall have occurred and be continuing, the Holder may proceed to protect and enforce
rights of the Holder either by suit in equity or by action at law, or both, whether for the specific performance of any covenant or agreement
in this Note or in aid of the exercise of any power granted in this Note, including without limitation, possession or foreclosure on the
Collateral securing this Note, or the Holder may proceed to enforce the payment of this Note or to enforce any other legal or equitable
right of the Holder.

 

 SECTION 13.  Remedies Cumulative.
No remedy herein conferred upon the Holder is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative
and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity or by statute or otherwise.

 

 SECTION 14.  Remedies Not Waived.
No course of dealing between the Borrower and the Holder and no delay in exercising any rights hereunder shall operate as a waiver of
any rights of the Holder.

 

 SECTION 15.  Notice of Action of Claimed
Defaults. If a holder of other obligations of the Borrower shall give any notice of a claimed default or event of default (as those
terms may be defined in the relevant documentation) or shall take any other action with respect to a claimed default or event of default,
immediately upon obtaining knowledge thereof, the Borrower shall give the Holder written notice specifying such action and the nature
and status of the claimed default or event of default.

 

	 	/s/
    Andy Shape
	 	Andrew “Andy” Shape

 

 

3

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