Farmer Bros. Co. (NASDAQ:FARM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
from his position as Senior Vice President of Operations of
Farmer Bros. Co., a Delaware corporation (the “Company”),
effective as of such date to pursue other opportunities. In
connection with his resignation, on February 17, 2017, the
Company and Mr. Fischetto entered into a Confidential General
Release and Separation Agreement (the Separation Agreement).
Subject to the terms of the Separation Agreement, including
effectiveness of a general release of claims against the Company,
Mr. Fischetto will be entitled to receive six months of severance
pay, partial reimbursement for COBRA coverage up to six months,
and a prorated bonus under the Farmer Bros. Co. 2005 Incentive
Compensation Plan for fiscal 2017 based on Mr. Fischettos target
award thereunder for fiscal 2017. Except for the obligations
expressly set forth in the Separation Agreement, the Company has
no further obligations to Mr. Fischetto. The foregoing
description of the Separation Agreement is qualified in its
entirety by the full text of the Separation Agreement filed
herewith as Exhibit 10.1 and incorporated herein by reference.
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Exhibit No.
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Description
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10.1
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Confidential General Release and Separation Agreement
by and between Barry C. Fischetto and Farmer Bros. Co. dated February 17, 2017 |
About Farmer Bros. Co. (NASDAQ:FARM)
Farmer Bros. Co. is a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products. The Company offers private brand and consumer-branded coffee products to small independent restaurants and foodservice operators, and institutional buyers. Its product line includes organic, Direct Trade, Direct Trade Verified Sustainable (DTVS) coffees and other coffees, iced and hot teas, cappuccino, spices, and baking/biscuit mixes. Its primary brands include Farmer Brothers, Artisan Collection by Farmer Brothers, Superior and Metropolitan. Its Artisan coffee products include Direct Trade, Fair Trade Certified, Rainforest Alliance Certified organic blends. It sells whole bean and roast and ground flavored and unflavored coffee products under the Un Momento, Collaborative Coffee, Cain’s and McGarvey brands at retail. Its roast and ground coffee products are sold in traditional packaging, including bags and fractional packages, as well as single-serve packaging. Farmer Bros. Co. (NASDAQ:FARM) Recent Trading Information
Farmer Bros. Co. (NASDAQ:FARM) closed its last trading session down -0.60 at 32.65 with 36,588 shares trading hands.