<SEC-DOCUMENT>0000921895-21-002647.txt : 20211115
<SEC-HEADER>0000921895-21-002647.hdr.sgml : 20211115
<ACCEPTANCE-DATETIME>20211115101130
ACCESSION NUMBER:		0000921895-21-002647
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20211115
DATE AS OF CHANGE:		20211115
EFFECTIVENESS DATE:		20211115

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FARMER BROTHERS CO
		CENTRAL INDEX KEY:			0000034563
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS FOOD PREPARATIONS & KINDRED PRODUCTS [2090]
		IRS NUMBER:				950725980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34249
		FILM NUMBER:		211407163

	BUSINESS ADDRESS:	
		STREET 1:		1912 FARMER BROTHERS DRIVE
		CITY:			NORTHLAKE
		STATE:			TX
		ZIP:			76262
		BUSINESS PHONE:		888 998 2468

	MAIL ADDRESS:	
		STREET 1:		P O BOX 77057
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76177

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JCP Investment Management, LLC
		CENTRAL INDEX KEY:			0001461945
		IRS NUMBER:				264654347
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1320
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		713-201-6910

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1320
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF EXEMPT SOLICITATION<BR>
<FONT STYLE="font-weight: normal">Submitted Pursuant to Rule 14a-6(g)</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">(Amendment No. ____)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Name of the Registrant:<BR>
<BR>
Farmer Bros. Co.</TD></TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0">Name of Person Relying on Exemption:<BR> <BR> JCP Investment Manageent, LLC</P>
                                                              <P STYLE="margin-top: 0; margin-bottom: 0">JCP Investment Partnership, LP<BR> JCP Investment Partners, LP<BR> JCP Investment Holdings, LLC<BR> James C. Pappas</P></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD>Address of Person Relying on the Exemption:<BR>
<BR>
1177 West Loop South, Suite 1320<BR>
Houston, Texas 77027</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">4.</TD><TD>Written Material. The following written materials are attached:<BR>
<BR>
Press release, dated November 15, 2021.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><BR>
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Written materials are submitted voluntarily
pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your
proxy. JCP Investment Management, LLC (together with its affiliates, &ldquo;JCP&rdquo;) is not asking for your proxy card and will not
accept proxy cards if sent. The cost of this filing is being borne entirely by JCP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>PLEASE NOTE: JCP is not asking for your
proxy card and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I>(Written material follows on next page)</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JCP STATES OPPOSITION TO PROPOSED INCREASE IN AUTHORIZED
SHARES AT FARMER BROS. CO.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Believes Proposed Increase is Contrary to Best
Interests of Stockholders and <U>Intends to Vote AGAINST Proposal 3</U> at Upcoming Annual Meeting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>Believes Fellow Stockholders Should <U>Vote AGAINST
Proposal 3</U></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">HOUSTON, TX, November 15, 2021 &ndash; JCP Investment
Management, LLC (together with its affiliates, &ldquo;JCP&rdquo; or &ldquo;we&rdquo;), a significant stockholder of Farmer Bros. Co. (&ldquo;Farmer
Bros.&rdquo; or the &ldquo;Company&rdquo;) (NASDAQ:FARM), with ownership of approximately 4.3% of the Company&rsquo;s outstanding shares,
today stated its opposition to Farmer Bros.&rsquo; proposal to amend its Certificate of Incorporation to increase the number of authorized
shares at the Company&rsquo;s upcoming 2021 annual meeting of stockholders scheduled to be held on December 15, 2021 (the &ldquo;2021
Annual Meeting&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Proposal 3 at the 2021 Annual Meeting seeks stockholder
approval to increase the number of authorized shares of common stock of the Company from 25 million to 50 million. We had already privately
expressed our concerns to the Company regarding recent dilution of stockholders, so naturally we were alarmed by the proposed increase
in authorized shares that could result in extreme dilution of existing stockholders and serve as an anti-takeover measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our view, the Company&rsquo;s underperformance
over the last 3-, 5-, 10- and 15-year periods coupled with its current high burn rate of 4.2% does not war ant an increase of this magnitude.
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT><SUP>, <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></SUP>
To put things in perspective, the Company&rsquo;s current market capitalization is approximately $150 million and it filed a shelf registration
statement to offer the sale of up to $175 million in securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD COLSPAN="8" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 274.5pt"><B>Share Price Performance&nbsp;<SUP>(1)</SUP></B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>3-Year</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>5-Year</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>10-Year</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>15-Year</B></TD></TR>
  <TR>
    <TD STYLE="width: 52%; font: 10pt Times New Roman, Times, Serif; text-align: justify">2021 Proxy Peers</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: justify">20%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: justify">77%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: justify">487%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif; text-align: justify">726%</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Russell 2000 Index</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">59%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">85%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">235%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">205%</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>Farmer Bros. Co.</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-66%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-74%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>39%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-58%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-top: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Underperformance vs. Proxy Peers</TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-86%</B></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-151%</B></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-448%</B></TD>
    <TD STYLE="border-top: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-784%</B></TD>
    <TD STYLE="border-top: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; border-bottom: black 1pt solid; text-align: justify"><B>Underperformance vs. Russell 2000 Index</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-125%</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-160%</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-196%</B></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><B>-263%</B></TD>
    <TD STYLE="border-bottom: black 1pt solid; border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>Source: Bloomberg as of November 12, 2021.</I></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>1. Figures assume reinvestment of dividends.</I></TD></TR>
  <TR>
    <TD COLSPAN="9" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><I>2. 2021 Proxy Peers Include: BGS, JBSS, SAM, LANC, CVGW, MED, CALM, MGPI, PRMW, CHEF, SENEA, TWNK, SMPL, JJSF, STKL, BYND, BRID, NBEV</I></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 5pc; margin-top: 12pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT> As mentioned in its proxy statement filed in connection with the 2021 Annual Meeting, the Company&rsquo;s three-year average burn rate for fiscal 2019 through fiscal 2021 is 4.2%, which the Company acknowledges is high.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT> In addition, approving the Amended and Restated 2017 Long Term Incentive Plan (Proposal 4) would increase the Company stock overhang percentage by 8.3% to approximately 18.2% total.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Accordingly, <B><U>JCP intends to vote AGAINST Proposal 3 at the 2021 Annual
Meeting</U></B> and <B><U>believes that all stockholders of the Company should vote AGAINST Proposal 3</U></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Stockholders interested in discussing this matter further or learning more
should contact JCP at the number below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>About JCP Investment Management:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">JCP Investment Management, LLC is an investment
firm headquartered in Houston, TX that engages in value-based investing across the capital structure. JCP follows an opportunistic approach
to investing across different equity, credit and distressed securities largely in North America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Investor Contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">James C. Pappas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">JCP Investment Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(713) 333-5540</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>PLEASE NOTE: JCP is not asking for your proxy card
and cannot accept your proxy card. Please DO NOT send us your proxy card.</B></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in">&nbsp;</P>




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