NORTHLAKE, Texas, USA – Farmer Bros. Co. announced on July 15, 2022, that the Company issued the following restricted stock unit awards consisting of a total of 71,834 shares of the Company’s common stock under the Farmer Bros. Co. 2020 Inducement Incentive Plan (the “Inducement Plan”):
- An award of 32,851 restricted stock units on November 2, 2021, to Amber Jefferson, its new Chief Human Resources Officer. This award will vest in full on November 1, 2024, subject to Ms. Jefferson’s continued employment with the Company through the vesting date.
- An award of 31,034 restricted stock units on April 14, 2022, to Jared Vitemb, its new General Counsel, Chief Compliance Officer, and Corporate Secretary. This award will vest in full on April 1, 2025, subject to Mr. Vitemb’s continued employment with the Company through the vesting date.
- An award of 7,949 restricted stock units on May 3, 2022, to Matt Coffman, its new Vice President and Controller. This award will vest in full on May 2, 2025, subject to Mr. Coffman’s continued employment with the Company through the 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. The Company is issuing this press release to comply with Nasdaq Listing Rule 5635(c)(4).