SEC Contract Filing

Filing Date: 2024-08-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2421878d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">August&nbsp;14, 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">22NW, LP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">590 1st Ave. S, Unit C1</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seattle, Washington 98104</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Email: english@englishcap.com</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>Re: Farmer Bros. Co.</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This letter agreement is intended to memorialize
the understandings and agreements that we have reached with 22NW, LP (collectively with 22NW Fund, LP, 22NW Fund GP, LLC, 22NW GP,&nbsp;Inc.,
Aron&nbsp;R. English and Bryson O. Hirai-Hadley, &ldquo;<B>22NW</B>&rdquo;) relating to, among other things,&nbsp;the designation of an
observer to the Board of Directors (the &ldquo;<B>Board</B>&rdquo;) of Farmer Bros. Co., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In consideration of the promises, representations
and mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and 22NW have successfully reached the following agreements:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify"><U>Observer Right</U></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">Promptly following the execution of this letter agreement, the Board, and any and all applicable committees
of the Board, shall take all necessary actions to appoint one (1)&nbsp;individual identified by 22NW (the&nbsp;&ldquo;<B>Observer</B>&rdquo;)
as an observer to the Board, effective August&nbsp;19, 2024, to serve as such until the Termination Date (as defined below) (such period
of service, the &ldquo;<B>22NW Observer Period</B>&rdquo;). The Company acknowledges and agrees that Bryson O. Hirai-Hadley is the individual
initially designated by 22NW to serve as the Observer.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The Observer shall have access to attend and participate in all meetings of the Board and any committee
thereof held during the 22NW Observer Period in his or her capacity as an observer of the Board.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD STYLE="text-align: justify">During the 22NW Observer Period, the Observer shall not (i)&nbsp;be deemed a director of the Board; (ii)&nbsp;have
the right to vote on any matter presented to the Board or any committee thereof; (iii)&nbsp;be considered or be required for purposes
of establishing a quorum of directors necessary for the Board to hold meetings or otherwise take action; (iv)&nbsp;have any effect on,
or rights related to, the holding or scheduling of any meeting of the Board or any committee thereof; (v)&nbsp;have the right to propose
or offer any motions or resolutions to the Board; or (vi)&nbsp;have or be deemed to have, or otherwise be subject to, any fiduciary duties
to the Company or its stockholders. During the 22NW Observer Period, the Observer shall have the right to (w)&nbsp;receive the same minutes,
consents and other materials distributed (collectively, the &ldquo;<B>Board Materials</B>&rdquo;), in connection with Board or committee
meetings, to members of th