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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of Principal Executive Office)
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(Zip Code)
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(
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(Registrant’s Telephone Number, Including Area Code)
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None
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(Former Address, if Changed Since Last Report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which
Registered
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|
|
Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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• |
his annual base salary was increased from $400,000 to $450,000, effective January 31, 2024; and
|
• |
his short-term cash incentive opportunity for fiscal 2024 was increased to 100% of his base salary, effective with respect to the last nine months of fiscal 2024.
|
• |
an award of restricted stock units (“RSUs”) with a value of $337,500 under the Company’s 2017 Long-Term Incentive Plan (the “2017 Plan”), with the number of RSUs to be determined by dividing the
value by the closing stock price on the Grant Date. This award will vest ratably over a three-year period on each anniversary of the Grant Date, subject to Mr. Moore’s continued employment with the Company on the applicable vesting date;
|
• |
an award of performance-based restricted stock units (“PBRSUs”) with a target value of $337,500 under the 2017 Plan, with the target number of PBRSUs to be determined by dividing the value by the
closing stock price on the Grant Date. This award will be subject to Mr. Moore’s continued employment with the Company through the period beginning on July 1, 2023 through June 30, 2026 (the “performance period”) and will vest or be earned
based on achievement relative to the criteria set forth in the award agreement during the performance period, as more fully described in the Company’s proxy statement filed with the Securities and Exchange Commission (the “SEC”) on December
12, 2023; and
|
• |
an award of PBRSUs with a target value of $450,000 under the 2017 Plan, with the target number of PBRSUs to be determined by dividing the value by the closing stock price on the Grant Date. The
PBRSUs will vest, if at all, on either: (1) the date on which the volume-weighted average price per share of the Company’s common stock reaches at least $6.00 per share over the preceding 90 consecutive trading days (the “share price
target”); or (2) a Change in Control, as defined in the 2017 Plan, that implies a value of at least $6.00 per share for the Company’s common stock. The PBRSUs will expire on the third anniversary of the Grant Date, if the share price target
is not achieved, or if a Change in Control has not occurred, on or prior to such expiration date.
|
Item 7.01. |
Regulation FD Disclosure.
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Item 9.01
|
Financial Statements and Exhibits.
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(d)
|
Exhibits.
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Exhibit
Number
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Description
|
Press release issued by the Company on February 6, 2024
|
|
104
|
Cover Page Interactive Data File (embedded within Inline XBRL document)
|
Dated: February 6, 2024
|
|||
FARMER BROS. CO.
|
|||
By:
|
/s/ Jared Vitemb
|
||
Jared Vitemb
|
|||
VP, General Counsel, Secretary and Chief Compliance Officer
|
Document and Entity Information |
Jan. 31, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2024 |
Entity File Number | 001-34249 |
Entity Registrant Name | FARMER BROTHERS CO |
Entity Central Index Key | 0000034563 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 95-0725980 |
Entity Address, Address Line One | 1912 Farmer Brothers Drive |
Entity Address, City or Town | Northlake |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 76262 |
City Area Code | 615 |
Local Phone Number | 549-6600 |
Title of 12(b) Security | Common Stock, $1.00 par value |
Trading Symbol | FARM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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