Farmer Bros. Co. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
Farmer Bros. Co. (NASDAQ:FARM) announced the issuance of 39,062 restricted stock units to Charles Cahn, its new Vice President of Revive Service Restoration™, under the 2020 Inducement Incentive Plan. This award, designed to attract new talent, will vest over three years, contingent on Cahn's continued employment. The Inducement Plan complies with Nasdaq Listing Rules and supports the company's strategy to strengthen its workforce. Founded in 1912, Farmer Bros. is a leading distributor of coffee, tea, and culinary products nationally.
- Issuance of 39,062 restricted stock units to attract new VP demonstrates commitment to talent acquisition.
- The structured vesting over three years aligns employee interests with long-term company performance.
- None.
NORTHLAKE, Texas, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Farmer Bros. Co. (NASDAQ:FARM) ( “Farmer Brothers” or the “Company”) today announced that the Company issued the following restricted stock unit award consisting of a total of 39,062 shares of the Company’s common stock under the Farmer Bros. Co. 2020 Inducement Incentive Plan (the “Inducement Plan”) through an award of 39,062 restricted stock units on August 1, 2022 to Charles Cahn, its new Vice President of Revive Service Restoration™. This award will ratably vest over three years on each anniversary of the award date, subject to Mr. Cahn’s continued employment with the Company through each vesting date.
The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of Farmer Brothers, as an inducement material to such individuals entering into employment with the Company, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.
About Farmer Brothers
Founded in 1912, Farmer Bros. Co. is a national coffee roaster, wholesaler, and distributor of coffee, tea, and culinary products. The Company’s product lines include organic, Direct Trade, and sustainably produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the Company delivers extensive beverage planning services and culinary products to its U.S. based customers. The Company serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant, department and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.
Marketing Contact
Nathalie Oetzel
noetzel@farmerbros.com
Investor Relations Contact
Ellipsis
Jeff Majtyka & Kyle King
Investor.relations@farmerbros.com
(646) 776-0886
FAQ
What is the recent stock award announced by Farmer Bros. Co.?
What is the purpose of the 2020 Inducement Incentive Plan?
How long will the restricted stock units vest for Charles Cahn?
What does Farmer Bros. Co. specialize in?
