The model is of Spider-Man crouching on a banister, firing his webbing and tying up his defeated enemy, Kraven the Hunter. The box for the 1974 reissue of the model tells the story a bit more fully: in what appears to be an abandoned house, Spider-Man has defeated Kraven and two of his pet animals. The box artwork appears to have been done by John Romita Sr., who at that time was art director at Marvel.
In addition, the 1974 reissue also came packaged with a small (6-1/4"x9-3/4"), 8-page comic book depicting the adventure.
The model was molded in red plastic.
The box shown at right is the original release produced from 1967 to 1970.