Farmer Brothers Reports Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
03 April 2020 - 7:05AM
Farmer Bros. Co. (NASDAQ:FARM) ( “Farmer Brothers” or the
“Company”) today announced that on April 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 $200,000, consisting of the option to purchase 88,495
shares with an exercise price of $6.72 per share (the
“Grant”), which is equal to the closing price of the Company’s
common stock on the date of grant to its new Chief
Financial Officer, Scott R. Drake, under the Farmer Bros. Co.
2020 Inducement Incentive Plan (the “Inducement Plan”). The
stock option has a seven-year term and will ratably vest over three
years on each anniversary of the award date, subject to Mr. Drake’s
continued employment through each vesting date. The Company’s Board
of Directors approved the Grant on March 4, 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. The Company’s primary
brands include Farmer Brothers®, Artisan Collection by Farmer
Brothers™, Superior®, Metropolitan™, China Mist® and Boyds®.
Contact:Joele Frank, Wilkinson Brimmer
KatcherLeigh Parrish 212-355-4449
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