Farmer Bros. enters into standstill agreement with 22NW, grants board observer seat

FARMER BROTHERS CO

Bryson O. Hirai-Hadley appointed as non-voting Board observer effective August 19, 2024.
22NW agrees to standstill, limited to 15% beneficial ownership, and to vote in line with Board recommendations.
Agreement terminates on earlier of August 5, 2025 or mutual written agreement.
22NW may vote discretionarily on extraordinary transactions; can follow ISS/Glass Lewis if both differ from Board on non-director matters.
Company to reimburse 22NW up to $20,000 for documented out-of-pocket expenses.

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