Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On September 6, 2023, Farmer Bros. Co., a Delaware corporation (the "Company"), announced that the Company and Deverl Maserang, the Company's President and Chief Executive Officer and a member of the Company's Board of Directors (the "Board"), had agreed that Mr. Maserang's employment with the Company would be terminated, without cause, effective September 30, 2023. The Company also announced that upon departure from the Company, Mr. Maserang will receive the previously negotiated severance payments and benefits set forth in that certain his Employment Agreement, dated as of September 6, 2019, by and between Mr. Maserang and the Company, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on September 10, 2019 and incorporated herein by reference.
On September 19, 2023, the Board and the Compensation Committee of the Board, as administrator of the Company's Amended and Restated 2017 Long-Term Incentive Plan, approved the partial acceleration of the vesting of an award of 117,187 restricted stock units that were granted to Mr. Maserang on November 1, 2022 so that 35,806 restricted stock units will vest in full on September 30, 2023 in connection with Mr. Maserang's separation from the Company. These restricted stock units represent approximately 92% of the restricted stock units that were originally scheduled to vest on November 1, 2023 if Mr. Maserang had remained employed on such date.
As previously disclosed, Mr. Maserang's departure is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices.
Farmer Brothers Company published this content on 22 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 September 2023 02:15:22 UTC.
Farmer Bros. Co. is a coffee roaster, wholesaler and distributor of coffee, tea and culinary products. It serves a range of customers, including small independent restaurants, foodservice operators and large institutional buyers, such as restaurants, department and convenience store chains, hotels, casinos, healthcare facilities and gourmet coffee houses, as well as grocery chains with private brand and consumer-branded coffee and tea products, and foodservice distributors. It offers a robust product line, including organic, Direct Trade, Project D.I.R.E.C.T. and other sustainably produced coffees, iced and hot teas, cappuccino, spices, and baking/biscuit mixes, among others. It also offers value-added services, such as market insight, beverage planning, and equipment placement and service. Its owned brand products are sold primarily into the foodservice channel. Its brands include Farmer Brothers, Artisan Collection by Farmer Brothers, Superior, Metropolitan, China Mist and Boyds.
FARMER BROS. CO. 
