<SEC-DOCUMENT>0000899681-21-000006.txt : 20210128
<SEC-HEADER>0000899681-21-000006.hdr.sgml : 20210128
<ACCEPTANCE-DATETIME>20210128132056
ACCESSION NUMBER:		0000899681-21-000006
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210128
DATE AS OF CHANGE:		20210128

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		21563805

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BMA CORP/TN
		DATE OF NAME CHANGE:	19770324

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BARNWELL OFFSHORE INC
		DATE OF NAME CHANGE:	19671101
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>p21-0005_defa14a.htm
<DESCRIPTION>FORM DEFA14A
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      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 12pt; font-weight: bold;">UNITED STATES<br>
        SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div style="text-align: center; font-weight: bold;"><font style="font-size: 12pt;">SCHEDULE 14A</font><br>
        (RULE 14a-101)</div>
      <div style="text-align: center; font-weight: bold;">INFORMATION REQUIRED IN PROXY STATEMENT</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-weight: bold;">Proxy Statement Pursuant to Section 14(a)<br>
        of the Securities Exchange Act of 1934</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt; font-weight: bold;">&#160;</div>
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              <div style="text-align: justify; margin-right: 2pt;">Filed by the Registrant</div>
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              <div style="text-align: justify; margin-right: 2pt;">&#8999;</div>
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              <div style="text-align: justify; margin-right: 2pt;">Filed by a Party other than the Registrant</div>
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            <td style="width: 62.6%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
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              <div style="text-align: justify; margin-right: 2pt;">Check the appropriate box:</div>
            </td>
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            <td style="width: 3.81%; vertical-align: top;">
              <div style="text-align: justify;">&#160;</div>
            </td>
            <td style="width: 3.8%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
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            <td style="width: 92.4%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Preliminary Proxy Statement</div>
            </td>
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            <td style="width: 3.81%; vertical-align: top;">
              <div style="text-align: justify;">&#160;</div>
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            <td style="width: 3.8%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
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            <td style="width: 92.4%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6 (e)(2))</div>
            </td>
          </tr>
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            <td style="width: 3.81%; vertical-align: top;">
              <div style="text-align: justify;">&#160;</div>
            </td>
            <td style="width: 3.8%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt;">&#9723;</div>
            </td>
            <td style="width: 92.4%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Definitive Proxy Statement</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3.81%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt;">&#160;</div>
            </td>
            <td style="width: 3.8%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
            </td>
            <td style="width: 92.4%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Definitive Additional Materials</div>
            </td>
          </tr>
          <tr>
            <td style="width: 3.81%; vertical-align: top;">
              <div style="text-align: justify;">&#160;</div>
            </td>
            <td style="width: 3.8%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#8999;</div>
            </td>
            <td style="width: 92.4%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Soliciting Material Pursuant to &#167;240.14a-12</div>
            </td>
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      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-size: 18pt; font-weight: bold;">Barnwell Industries, Inc.</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">(Name of Registrant as Specified in Its Charter)</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">__________________________________________________________________________________<br>
        (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
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          <tr>
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              <div style="margin-right: 2pt;">Payment of Filing Fee (Check the appropriate box):</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt;">&#8999;</div>
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            <td style="width: 95.1%; vertical-align: top;" colspan="2">
              <div style="margin-right: 2pt;">No fee required.</div>
            </td>
          </tr>
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            <td style="width: 4.9%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
            </td>
            <td style="width: 95.1%; vertical-align: top;" colspan="2">
              <div style="text-align: justify; margin-right: 2pt;">Fee computed on table below per Exchange Act rules 14a-6(i)(1) and 0-11.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
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              <div style="text-align: justify; margin-right: 2pt;">(1)</div>
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            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="margin-right: 2pt;">Title of each class of securities to which transaction applies:</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
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              <div style="text-align: justify; margin-right: 2pt;">(2)</div>
            </td>
            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="margin-right: 2pt;">Aggregate number of securities to which transaction applies:</div>
              <div>&#160;</div>
            </td>
          </tr>
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            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(3)</div>
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            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="margin-right: 2pt;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</div>
              <div>&#160;</div>
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            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(4)</div>
            </td>
            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="margin-right: 2pt;">Proposed maximum aggregate value of transaction:</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(5)</div>
            </td>
            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; margin-right: 2pt;">Total fee paid:</div>
              <div>&#160;</div>
            </td>
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            <td style="width: 4.9%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
            </td>
            <td style="width: 5.12%; vertical-align: top;">&#160;</td>
            <td style="width: 89.99%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt;">Fee paid previously with preliminary materials.</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top;">
              <div style="margin-right: 2pt;">&#9723;</div>
            </td>
            <td style="width: 5.12%; vertical-align: top;">&#160;</td>
            <td style="width: 89.99%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11 (a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous
                filing by registration statement number, or the form or schedule and the date of its filing</div>
            </td>
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          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(1)</div>
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            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; margin-right: 2pt;">Amount previously paid:</div>
              <div>&#160;</div>
            </td>
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          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(2)</div>
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            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; margin-right: 2pt;">Form, Schedule or Registration Statement No.:</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(3)</div>
            </td>
            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; margin-right: 2pt;">Filing Party:</div>
              <div>&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 4.9%; vertical-align: top; padding-bottom: 1px;">&#160;</td>
            <td style="width: 5.12%; vertical-align: top; padding-bottom: 1px;">
              <div style="text-align: justify; margin-right: 2pt;">(4)</div>
            </td>
            <td style="width: 89.99%; vertical-align: top; border-bottom: 1px solid rgb(0, 0, 0);">
              <div style="text-align: justify; margin-right: 2pt;">Date Filed:</div>
              <div>&#160;</div>
            </td>
          </tr>

      </table>
      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt;">&#160;</div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; font-size: 12pt;">This filing contains a press release issued by Barnwell Industries, Inc., dated January 28, 2021.</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">*****</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">BARNWELL INDUSTRIES REACHES AGREEMENT WITH</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">MRMP STOCKHOLDERS TO END POTENTIAL PROXY CONTEST</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt; font-style: italic; font-weight: bold;">Agrees to Designated Slate of Directors for Election at 2021 Annual Meeting of Stockholders</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">HONOLULU, HAWAII, January 28, 2021 -- Barnwell Industries, Inc. (NYSE-American: BRN) (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) is pleased to announce today that it has entered into a
        cooperation and support agreement with MRMP-Managers LLC, Ned L. Sherwood Revocable Trust, Ned L. Sherwood and Bradley M. Tirpak (collectively, the &#8220;MRMP Stockholders&#8221;), with respect to the potential proxy contest pertaining to the election of
        directors to our Board of Directors (the &#8220;Board&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Pursuant to the terms of the agreement, among other things, the Company will nominate its current slate of directors, which includes three of the MRMP nominees and two new
        independent directors elected in 2020, to stand for reelection to the Board at the upcoming 2021 annual meeting of stockholders.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The MRMP Stockholders have agreed to vote their shares of common stock of the Company in favor of the election of the designated slate, and the MRMP Stockholders have agreed to
        withdraw their proposed slate of directors.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Mr. Grossman, Chairman of the Board, said, &#8220;We are gratified to have reached this constructive outcome.&#160; In addition to demonstrating the Board&#8217;s commitment to acting in the
        long-term interests of our stockholders, this cooperation and support agreement continues the significant progress the Company has made over the past year toward strengthening and streamlining both our governance and operations.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Mr. Sherwood added, &#8220;As a significant Barnwell stockholder, I&#8217;m gratified that the Board of Directors will be unchanged from last year and be able to continue its efforts to move
        the Company forward.&#160; I&#8217;m pleased that Barnwell&#8217;s share price rose 370% from $.56 on April 3, 2020 to $2.06 per share as of the close on January 25, 2021.&#160; We are hopeful that the momentum builds in 2021 given the current appreciation in the price
        of oil, the increased velocity in Hawaiian land sales, and the stability of the water drilling business.&#160; The agreement that we have forged with the Company should avoid distraction and unnecessary expense allowing our Board to continue to position
        Barnwell for long term positive cash generation and further share price appreciation.&#8221;</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">The complete agreement between the Company and the MRMP Stockholders will be attached as an exhibit to a Current Report on Form 8-K that will be filed with the U.S. Securities and
        Exchange Commission (the &#8220;SEC&#8221;).</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt; font-weight: bold;">About Barnwell Industries, Inc.</div>
      <div><br>
      </div>
      <div style="text-align: justify; text-indent: 36pt; font-size: 12pt;">Barnwell Industries, Inc. and its subsidiaries are principally engaged in oil and natural gas exploration, development, production and sales in Canada; investing in leasehold
        interests in real estate in Hawaii; and well drilling services and water pumping system installation and repairs in Hawaii.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Additional Information</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">Barnwell intends to file a proxy statement and WHITE proxy card with the SEC in connection with its solicitation of proxies for its 2021 Annual Meeting. Details concerning the nominees of Barnwell's
        Board of Directors for election at the 2021 Annual Meeting will be included in the proxy statement. BARNWELL STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT (AND ANY AMENDMENTS AND SUPPLEMENTS THERETO) AND ACCOMPANYING
        WHITE PROXY CARD WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain the proxy statement, any amendments or supplements to the proxy statement and other documents as and when filed by Barnwell with the SEC
        without charge from the SEC&#8217;s website at www.sec.gov.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Certain Information Regarding Participants</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">Barnwell, its directors and certain of its executive officers may be deemed to be participants in connection with the solicitation of proxies from Barnwell&#8217;s stockholders in connection with the
        matters to be considered at the 2021 Annual Meeting. Information regarding the ownership of Barnwell&#8217;s directors and executive officers in Barnwell stock is included in their SEC filings on Forms 3, 4, and 5, which can be found through the SEC&#8217;s
        website at www.sec.gov. Information can also be found in Barnwell&#8217;s other SEC filings. More detailed and updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or
        otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC. These documents can be obtained free of charge from the sources indicated above.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Safe Harbor for Forward-Looking Statements</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt;">This release contains &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section
        21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are predictions and generally can be identified by use of statements that include phrases such as &#8220;plan,&#8221; &#8220;expect,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;anticipate,&#8221;
        &#8220;intend,&#8221; &#8220;project,&#8221; &#8220;estimate,&#8221; &#8220;guidance,&#8221; &#8220;possible,&#8221; &#8220;continue&#8221; and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and
        involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to, those
        described in &#8220;Risk Factors&#8221; and elsewhere in the Company&#8217;s Annual Report on Form 10-K for the year ended September 30, 2020 and subsequent filings with the SEC. These factors should be considered carefully and readers are cautioned not to place
        undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All forward-looking statements contained in this release are qualified by these
        cautionary statements and are made only as of the date of this release. The Company does not undertake any obligation to update or revise these forward-looking statements except as required by law.</div>
      <div><br>
      </div>
      <div style="text-align: justify; font-size: 12pt; font-weight: bold;">Media Contacts</div>
      <div style="text-align: justify; font-size: 12pt;">Gagnier Communications</div>
      <div style="text-align: justify; font-size: 12pt;">Jeffrey Mathews / Dan Gagnier</div>
      <div style="text-align: justify; font-size: 12pt;">(646) 569-5711</div>
      <div style="text-align: justify; font-size: 12pt;">Barnwell@gagnierfc.com</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 12pt;">*****</div>
    </div>
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