Farmer Brothers Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
July 02 2024 - 5:16PM
Farmer Brothers Co., a Delaware corporation, (NASDAQ: FARM)
reported today the company issued certain inducement awards under
the Farmer Bros. Co. 2020 Inducement Incentive Plan to Chief
Financial Officer Vance Fisher pursuant to Nasdaq Listing Rule
5635(c)(4).
The inducement awards, granted effective as of
July 1, 2024, were previously approved by the company’s board of
directors and its compensation committee thereof and consist of
60,000 time-vesting restricted stock units (RSUs) and 120,000
performance-based restricted stock units (PBRSUs). The RSUs will
ratably vest in shares of the company’s common stock over three
years on each anniversary of the award date, subject to Mr.
Fisher’s continued employment with the company through each vesting
date. The PBRSUs will vest, if at all, in shares of the company’s
common stock on either the date on which the volume-weighted
average price per share of the company’s common stock reaches at
least $6 per share over the preceding 90 consecutive trading days
(share price target) or a change in control, as defined in its 2017
Long-Term Incentive Plan, that implies a value of at least $6 per
share for the company’s common stock. The PBRSUs will expire on the
third anniversary of the award date if the share price target is
not achieved or if a change in control implying a value of at least
$6 per share for the company’s common stock has not occurred on or
prior to the third anniversary of the award 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
Nasdaq Listing Rule 5635(c)(4).
About Farmer
BrothersFounded in 1912, Farmer Brothers is a national
coffee roaster, wholesaler, equipment servicer and distributor of
coffee, tea and culinary products. The company’s product lines
include organic, Direct Trade and sustainably produced coffee, as
well as tea, cappuccino mixes, spices and baking/biscuit mixes.
Farmer Brothers delivers extensive beverage
planning services and culinary products to a wide variety of
U.S.-based customers, ranging from small independent restaurants
and foodservice operators to large institutional buyers, such as
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. The company’s
primary brands include Farmer Brothers, Boyd’s, Cain’s, China Mist
and West Coast Coffee.
Investor Relations
ContactEllipsis Investor.relations@farmerbros.com
646-776-0886
Media contactBrandi WesselDirector of
Communications405-885-5176bwessel@farmerbros.com
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