Farmer Brothers Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
July 06 2020 - 8:30AM
Farmer Bros. Co. (NASDAQ:FARM) ( “Farmer Brothers” or the
“Company”) today announced that on July 1, 2020, the Company issued
a non-qualified stock option to purchase shares of the Company’s
common stock with an aggregate grant date Black-Scholes value of
$75,000, consisting of the option to purchase 29,761 shares with an
exercise price of $7.23 per share (the “Option Grant”),
which is equal to the closing price of the Company’s common stock
on the date of grant and a restricted stock unit award
consisting of 10,373 shares of the Company’s common stock (the
“Stock Award”) to its new Chief Sales Officer, Maurice S.J.
Moragne, under the Farmer Bros. Co. 2020 Inducement Incentive
Plan (the “Inducement Plan”). The Option Grant has a
seven-year term and will ratably vest over three years on each
anniversary of the award date, and the Stock Award will vest in
full on the third anniversary of the award date, subject to Mr.
Moragne’s continued employment through each vesting date. The
Compensation Committee of the Company’s Board of Directors approved
the Grant on May 27, 2020.
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 Bros. Co.
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 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.
Headquartered in Northlake, Texas, Farmer Bros. Co.
generated net sales of $595.9 million in fiscal 2019 and has
approximately 1,470 employees nationwide. The Company’s primary
brands include Farmer Brothers®, Artisan Collection by Farmer
Brothers™, Superior®, Metropolitan™, China Mist® and Boyds®.
Contact:
Joele Frank, Wilkinson Brimmer
Katcher
Leigh Parrish 212-355-4449
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