Farmer Bros. Co. Names Vice President of Direct Store Delivery; Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
February 02 2023 - 4:05PM
Farmer Bros. Co. (NASDAQ: FARM) (“Farmer Brothers” or the
“Company”) today announced Tom Bauer has been appointed as the
Company’s new Vice President of its Direct Store Delivery (DSD)
segment. Mr. Bauer will be responsible for leading the entire DSD
function moving forward with the goal of driving growth and
efficiencies while improving focus and profitability in this key
area of the business.
Prior to joining the Company, Mr. Bauer worked in several sales
and operational roles including leading the largest U.S. Coffee
Division and Water Division at DS Services. Most recently, he
worked as Vice President of Sales and National Accounts at Emerald
Brand, a manufacturer of sustainable disposable products, where he
led national distribution and sales.
In conjunction with this appointment, the Company announced the
issuance of the following restricted stock unit award consisting of
a total of 9,980 shares of the Company’s common stock under
the Farmer Bros. Co. 2020 Inducement Incentive Plan (the
“Inducement Plan”) through an award of 9,980 restricted stock units
on January 3, 2023, to Tom Bauer, its new Vice President, DSD. This
award will ratably vest over three years on each anniversary of the
award date, subject to Mr. Bauer’s continued employment with the
Company through each 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.
About Farmer Brothers
Founded in 1912, Farmer Bros. Co. 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. 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, 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.
Headquartered in Northlake, Texas, Farmer Bros. Co. generated
net sales of $469.2 million in fiscal 2022. The Company’s primary
brands include Farmer Brothers®, Artisan Collection by Farmer
Brothers™, Superior®, Metropolitan™, China Mist® and Boyds®.
Marketing Contact
Nathalie Oetzel noetzel@farmerbros.com
Investor Relations Contact
Ellipsis Investor.relations@farmerbros.com
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