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Farmer Bros. Co. Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

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Farmer Bros. Co. (NASDAQ:FARM) announced the issuance of 10,845 restricted stock units to Gregory Newham, its new Vice President of Planning and Procurement, under the 2020 Inducement Incentive Plan. This award will vest over three years, contingent on Mr. Newham's employment status. The Inducement Plan is designed to attract new employees with equity awards, complying with Nasdaq Listing Rules. Farmer Bros., founded in 1912, specializes in coffee roasting and distribution, providing a diverse range of products to various customer segments across the U.S.

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  • Issuance of 10,845 restricted stock units to a new executive may enhance management stability.
  • The Inducement Plan aims to attract talent, potentially leading to improved operational efficiency.
Negative
  • None.

NORTHLAKE, Texas, Jan. 04, 2023 (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 10,845 shares of the Company’s common stock under the Farmer Bros. Co. 2020 Inducement Incentive Plan (the “Inducement Plan”) through an award of 10,845 restricted stock units on January 3, 2023 to Gregory Newham, its new Vice President, Planning and Procurement. This award will ratably vest over three years on each anniversary of the award date, subject to Mr. Newham’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
Investor.relations@farmerbros.com
(646) 776-0886


FAQ

What is the recent stock award issued by Farmer Bros. Co.?

Farmer Bros. Co. issued 10,845 restricted stock units to Gregory Newham under the 2020 Inducement Incentive Plan.

Who received stock units at Farmer Bros. Co. in January 2023?

Gregory Newham, the new Vice President of Planning and Procurement, received the stock units.

How will the restricted stock units at Farmer Bros. vest?

The restricted stock units will vest ratably over three years, contingent upon Mr. Newham's continued employment.

What is the purpose of the 2020 Inducement Incentive Plan?

The Inducement Plan is designed to grant equity awards to new employees as an incentive for joining the company.

What industry does Farmer Bros. Co. operate in?

Farmer Bros. Co. operates as a coffee roaster and distributor, also providing tea and culinary products.

Farmer Bros Co

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