Farmer Bros. Co. announced it has entered into a cooperation agreement (the "Cooperation Agreement") with JCP Investment Management, LLC (collectively with its affiliates, "JCP") and 22NW, LP (collectively with its affiliates, "22NW"), which together own approximately 15.7% of the Company's outstanding common stock.

Under the Cooperation Agreement, the Company has agreed to promptly appoint Bradley L. Radoff as an independent member of the Board of Directors (the "Board"). The Company will also include Mr. Radoff and an additional independent nominee from JCP's nomination notice (the "Second New Director") on its slate of candidates standing for election at the 2022 Annual Meeting of Stockholders (the "2022 Annual Meeting"). Upon election to the Board, the Second New Director will fill a vacancy created by the retirement of Charles F. Marcy from the Board at the 2022 Annual Meeting.

Following the 2022 Annual Meeting, Christopher P. Mottern will retire from the Board, effective as of June 30, 2023. The size of the Board will not exceed eight after Mr. Mottern's retirement. The Company also agreed to form a new committee of the Board tasked with reviewing strategic alternatives and capital allocation initiatives promptly following the 2022 Annual Meeting.

Both Mr. Radoff and the Second New Director will serve on the newly formed committee as well as the Nominating and Corporate Governance Committee. Additionally, JCP has agreed to withdraw its notice of intent to nominate director candidates for election at the 2022 Annual Meeting and both JCP and 22NW have agreed to cease all solicitation and other activities in connection with the 2022 Annual Meeting. During the term of the Cooperation Agreement, JCP and 22NW have also agreed to customary standstill provisions and voting commitments.

Bradley L. Radoff is a successful investor and proven public company director with significant experience in the areas of corporate governance, capital allocation, operational turnarounds and strategic reviews. Mr. Radoff has held roles at some of the world's top asset management firms and financial institutions, including Citadel and Third Point, where he held a senior-level position. He currently serves as a director of Harte Hanks Inc., a leading global customer experience company, and Enzo Biochem Inc. Mr. Radoff previously served as a director of companies that include VAALCO Energy, Inc, from June 2020 to January 2022, Support.com Inc., a leading provider of cloud-based software and services, from June 2016 until its merger in September 2021, and Pogo Producing Company, a major oil and natural gas company, from March 2007 to November 2007 prior to its sale to Plains Exploration for $3.6 billion.

Mr. Radoff graduated summa cum laude with a B.A. in Economics from The Wharton School at the University of Pennsylvania.