IRVING, Texas, July 02, 2024 (GLOBE NEWSWIRE) — 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 Brothers
Founded 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.
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