<SEC-DOCUMENT>0001140361-23-002616.txt : 20230125
<SEC-HEADER>0001140361-23-002616.hdr.sgml : 20230125
<ACCEPTANCE-DATETIME>20230124211702
ACCESSION NUMBER:		0001140361-23-002616
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230125
DATE AS OF CHANGE:		20230124

SUBJECT COMPANY:	

	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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-20279
		FILM NUMBER:		23549544

	BUSINESS ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
		BUSINESS PHONE:		808-531-8400

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA ST.
		STREET 2:		SUITE 500
		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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KINZLER ALEXANDER C
		CENTRAL INDEX KEY:			0001276245

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	MAIL ADDRESS:	
		STREET 1:		1100 ALAKEA STREET
		STREET 2:		SUITE 2900
		CITY:			HONOLULU
		STATE:			HI
		ZIP:			96813
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>brhc10046968_sc13da.htm
<DESCRIPTION>SC 13D/A
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, LLC
         Document created using Broadridge PROfile 22.12.1.5105
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
  <div>
    <div style="text-align: center; font-weight: bold;"><font style="font-size: 14pt;">UNITED STATES<br>
        SECURITIES AND EXCHANGE COMMISSION</font><br>
      <font style="font-size: 12pt;">Washington, D.C. 20549</font></div>
    <div>&#160;</div>
    <div style="text-align: center;"><font style="font-weight: bold;"><font style="font-size: 18pt;">SCHEDULE 13D</font><br>
      </font><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Under the Securities Exchange Act of 1934<br>
      (Amendment No. 8)</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z03022fb9773c466d80ccac0599103442" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top; font-size: 24pt; border-bottom: 2px solid rgb(0, 0, 0); font-weight: bold;">
            <div style="text-align: center;">Barnwell Industries, Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Name of Issuer)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">Common Stock, $0.50 par value per share</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; text-align: center;">
            <div>(Title of Class of Securities)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">068221100</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(CUSIP Number)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; font-weight: bold;">Alexander C. Kinzler</div>
    <div style="text-align: center; font-weight: bold;">c/o Barnwell Industries, Inc.</div>
    <div style="text-align: center; font-weight: bold;">1100 Alakea Street, Suite 500</div>
    <div style="text-align: center; font-weight: bold;">Honolulu, Hawaii 96813</div>
    <table cellspacing="0" cellpadding="0" id="z6f16725129654462a3b37a5f16077fde" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">(808) 531-8400</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Name, Address and Telephone Number of Person</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">Authorized to Receive Notices and Communications)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; font-weight: bold;">January 21, 2023</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center;">(Date of Event which Requires Filing of this Statement)</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of &#167;&#167;240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.
      &#9744;</div>
    <div>&#160;</div>
    <div><font style="font-weight: bold;">Note</font>: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See &#167;240.13d-7 for other parties to whom copies are to be sent.</div>
    <div>&#160;</div>
    <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">*</sup> The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter
      disclosures provided in a prior cover page.</div>
    <div>&#160;</div>
    <div>The information required on the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or otherwise subject to the liabilities of that section of the Act but
      shall be subject to all other provisions of the Act (however, see the Notes).</div>
    <div>&#160;</div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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>
      <div style="text-align: center; font-weight: bold;">Schedule 13D</div>
      <div>&#160;</div>
      <div>
        <div>CUSIP No. 068221100</div>
        <div> <br>
          <br>
          <table cellspacing="0" cellpadding="2" border="0" style="border-collapse: collapse; width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

              <tr>
                <td rowspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">1</div>
                </td>
                <td colspan="3" style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">NAMES OF REPORTING PERSONS</div>
                </td>
                <td style="BORDER-TOP: #000000 1pt solid; VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-TOP: #000000 1pt solid; BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="text-align: left;">Alexander C. Kinzler</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="HEIGHT: 13px">
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">2</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: right">(a)</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: right">(b)</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9746;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">3</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%; BACKGROUND-COLOR: #bfbfbf">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SEC USE ONLY</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%; BACKGROUND-COLOR: #bfbfbf">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%; BACKGROUND-COLOR: #bfbfbf">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="BACKGROUND-COLOR: #bfbfbf">
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr style="BACKGROUND-COLOR: #bfbfbf">
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">4</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOURCE OF FUNDS (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="text-align: left;">PF; OO</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">5</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">6</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CITIZENSHIP OR PLACE OF ORGANIZATION</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="text-align: left;">United States</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="2" rowspan="12" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; FONT-WEIGHT: bold; BORDER-LEFT: #000000 1pt solid; WIDTH: 12.71%">
                  <div style="TEXT-ALIGN: center">NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH</div>
                </td>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">7</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE VOTING POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="text-align: left;">929,500<font style="font-size: 8pt;">(1)</font></div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">8</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED VOTING POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">9</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SOLE DISPOSITIVE POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="text-align: left;">929,500<font style="font-size: 8pt;">(1)</font></div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">10</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">SHARED DISPOSITIVE POWER</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 76.38%"> 0<br>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">11</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="text-align: left;">929,500</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">12</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: middle; PADDING-RIGHT: 2px; WIDTH: 5.01%">
                  <div style="FONT-FAMILY: ''Times New Roman''; TEXT-ALIGN: left">&#9744;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%"><br>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">13</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; PADDING-LEFT: 2pt; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="text-align: left;">9.33%<font style="font-size: 8pt;">(2)</font></div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td rowspan="3" style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; WIDTH: 6.36%">
                  <div style="FONT-SIZE: 18pt; FONT-WEIGHT: bold; TEXT-ALIGN: center">14</div>
                </td>
                <td colspan="3" style="VERTICAL-ALIGN: middle; BORDER-LEFT: #000000 1pt solid; WIDTH: 86.4%">
                  <div style="FONT-WEIGHT: bold; TEXT-ALIGN: left">TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td colspan="3" rowspan="2" style="vertical-align: middle; border-bottom: 1pt solid rgb(0, 0, 0); border-left: 1pt solid rgb(0, 0, 0); width: 86.4%;">
                  <div style="text-align: left;">IN</div>
                </td>
                <td style="VERTICAL-ALIGN: middle; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>
              <tr>
                <td style="VERTICAL-ALIGN: middle; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 2.59%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
                <td style="BORDER-RIGHT: #000000 1pt solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1pt solid; WIDTH: 5.01%">
                  <div style="TEXT-ALIGN: left">&#160;</div>
                </td>
              </tr>

          </table>
          <br>
        </div>
      </div>
    </div>
    <div>(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;This amount includes 929,500 shares of common stock, par value $0.50 per share (the &#8220;Common Stock&#8221;), of Barnwell Industries, Inc., a Delaware corporation (the &#8220;Company&#8221;), held directly by Mr. Kinzler.</div>
    <div><br>
    </div>
    <div>(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Based on 9,956,687 shares of common stock, par value $0.50 per share, of the Company, outstanding as of December 9, 2022, as represented in the Company&#8217;s Annual Report on Form 10-K, as filed with the Securities and Exchange
      Commission on December 29, 2022.</div>
    <div>
      <div><br>
      </div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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="font-weight: bold;">Explanatory Note</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;">This Amendment No. 8 to Statement of Beneficial Ownership on Schedule 13D (this &#8220;Amendment No. 8&#8221;) amends the Statement of Beneficial Ownership on Schedule 13D filed by Alexander C. Kinzler on December 21, 2012 (as
      amended by the Reporting Person, the &#8220;Schedule 13D&#8221;).&#160; Except as amended and supplemented by this Amendment No. 8, the Schedule 13D remains unchanged.</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;">On January 21, 2023, Alexander C. Kinzler, a stockholder and director of the Company, entered into a cooperation and support agreement (the &#8220;Agreement&#8221;) with the Company and MRMP-Managers LLC, Ned L. Sherwood Revocable
      Trust, NLS Advisory Group, Inc. and Ned L. Sherwood (collectively, the &#8220;MRMP Stockholders&#8221;) regarding the composition of the Company&#8217;s Board of Directors (the &#8220;Board&#8221;) and certain other matters, and this Amendment No.8 is being filed in respect
      thereof.</div>
    <div>&#160;</div>
    <div>&#160;<font style="font-weight: bold;">Item 2.&#160;&#160;Identity and Background.</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Item 2(b) is hereby amended in its entirety as follows:</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(b)&#160;&#160;Mr. Kinzler&#8217;s business address is c/o Barnwell Industries, Inc., 1100 Alakea Street, Suite 500, Honolulu, Hawaii 96813.&#160;</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 3.&#160;&#160;Source or Amount of Funds or Other Consideration.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; color: #000000;">There is no update or amendment to this Item 3.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 4.&#160;&#160;Purpose of Transaction.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Kinzler is President and CEO of the Company and has been a member of the Company&#8217;s Board since 1999.&#160; Mr. Kinzler holds 929,500 shares of Common Stock.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">On January 21, 2023, Mr. Kinzler,&#160; in his capacity as a stockholder, entered into the Agreement with the Company and the MRMP Stockholders regarding the composition of the Board and certain other matters.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the terms of the Agreement, the Company agreed, among other things, (i) to promptly appoint Joshua S. Horowitz and Laurance Narbut to serve on its Board, subject to certain customary board procedures and (ii)
      use commercially reasonable efforts to hold the Company&#8217;s 2023 annual meeting of stockholders (the &#8220;2023 Annual Meeting&#8221;) within sixty (60) days of the date of the Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the terms of the Agreement, the Company has also agreed to nominate Kenneth Grossman, Douglas Woodrum, and Messrs. Kinzler, Horowitz and Narbut as candidates for election to the Board at the 2023 Annual
      Meeting and the 2024 annual meeting of stockholders (the &#8220;2024 Annual Meeting&#8221;), and Mr. Kinzler and the MRMP Stockholders have agreed to vote their respective shares of Common Stock of the Company in favor of the election of the Company&#8217;s slate at
      the 2023 Annual Meeting and 2024 Annual Meeting.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">The MRMP Stockholders have also agreed to certain customary standstill provisions, effective as of the date of the Agreement through the date that is ten (10) business days prior to the deadline for the submission of
      stockholder nominations for directors for the Company&#8217;s 2025 annual meeting of stockholders (the &#8220;Standstill Period&#8221;).</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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-indent: 36pt;">During the Standstill Period, subject to certain conditions, the MRMP Stockholders shall have the right to designate up to two (2) persons (the &#8220;Sherwood Designees&#8221;), which shall initially be Messrs. Narbut and Woodrum.&#160;
      If, at any time prior to the expiration of the Standstill Period, any of the Sherwood Designees are unable or unwilling to serve as a director, the MRMP Stockholders, for so long as they maintain at least 50% of their current ownership of Common
      Stock as of the Signing Date (as defined in the Agreement), shall have the right to propose to the Company a replacement director with relevant financial and business experience, who shall be subject to the reasonable approval of the Board.&#160; If, at
      any time prior to the expiration of the Standstill Period, Mr. Kinzler is unable or unwilling to serve as a director, Mr. Kinzler, for so long as he and his affiliates maintain at least 50% of their current ownership of Common Stock as of the Signing
      Date, shall have the right to propose to the Company a replacement director for himself with relevant financial and business experience, who shall be subject to the reasonable approval of the Board.&#160; Pursuant to the Agreement, Mr. Kinzler further
      agreed that he will not stand for re-election if his ownership of Common Stock falls below 5.0% of the outstanding Common Stock.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Pursuant to the terms of the Agreement, the Company also agreed to take all necessary actions to terminate the Tax Benefits Preservation Plan, dated as of October 17, 2022; however, the MRMP Stockholders agreed that for
      a period of twelve (12) months following January 21, 2023, they shall not have, in the aggregate, beneficial ownership of, or economic exposure to, more than twenty-eight percent (28%) of the Company&#8217;s outstanding voting securities, and that for a
      period of twelve (12) months following January 21, 2024, they shall not have, in the aggregate, beneficial ownership of, or economic exposure to, more than thirty percent (30%) of the Company&#8217;s outstanding voting securities.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">The Company, Mr. Kinzler and the MRMP Stockholders agreed to mutual non-disparagement provisions and agreed to jointly issue a press release announcing certain terms of the Agreement.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">The foregoing description of the Agreement is qualified in its entirety by reference to the Agreement, which is attached as Exhibit 99.1 hereto and is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">Mr. Kinzler may, from time to time, acquire additional shares of Common Stock for investment purposes if market conditions are favorable.&#160; Mr. Kinzler may also dispose of some or all of the shares of Common Stock that he
      beneficially owns.&#160; Mr. Kinzler disclaims the formation of any group with the MRMP Stockholders.</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except as set forth in this Item 4, Mr. Kinzler has no other plans or proposals with respect to the Company, including any of the matters referred to in paragraphs (a) through (j) of Item 4 of Schedule 13D.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 5.&#160;&#160;Interest in Securities of the Issuer.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(a) Mr. Kinzler may be deemed to beneficially own 929,500 shares of Common Stock which are held directly by Mr. Kinzler.&#160; The foregoing 929,500 shares of Common Stock represent approximately 9.33% of the Company&#8217;s
      outstanding Common Stock (based on 9,956,687 shares of common stock, par value $0.50 per share, of the Company, outstanding as of December 9, 2022, as represented in the Company&#8217;s Annual Report on Form 10-K, as filed with the Securities and Exchange
      Commission on December 29, 2022).</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt; font-size: 12pt;"><font style="font-size: 10pt;">(b) See Items 7-10 on Mr. Kinzler&#8217;s Cover Page for information on voting and dispositive power with respect to the shares of Common Stock disclosed in Item 5(a).&#160;</font></div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(c) Mr. Kinzler has not engaged in transactions of Common Stock during the past sixty days.</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(d) None.&#160;</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">(e) Not applicable.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 6.&#160;&#160;Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;">Information set forth in Item 4 is incorporated herein by reference.</div>
    <div>&#160;</div>
    <div style="font-weight: bold;">Item 7.&#160;&#160;Material to Be Filed as Exhibits.</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;"><a href="brhc10046968_ex99-1.htm">Exhibit 99.1</a>. The Agreement, dated January 21, 2023, by the Alexander C. Kinzler, the
      Company and the MRMP Stockholders.</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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: center; font-weight: bold;">SIGNATURE</div>
    <div>&#160;</div>
    <div style="text-indent: 18pt;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z3b68d5bbd2664bc9a08515fc92cd7423" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50.57%; vertical-align: top;">
            <div>Dated: January 24, 2023</div>
          </td>
          <td style="width: 4.5%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 44.94%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
            <div>/s/ Alexander C. Kinzler</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50.57%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 4.5%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 44.94%; vertical-align: top;">
            <div>Name: Alexander C. Kinzler</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <br>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10046968_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, LLC
         Document created using Broadridge PROfile 22.12.1.5105
         Copyright 1995 - 2023 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">

  <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="text-align: right; font-style: italic; font-weight: bold;">Execution Version</div>
    <div style="text-align: right; font-style: italic; font-weight: bold;"> <br>
    </div>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;"><u>COOPERATION AND SUPPORT BINDING TERM SHEET</u></div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;">This Cooperation and Support Binding Term Sheet (this &#8220;<font style="font-weight: bold;">Term Sheet</font>&#8221;)
      is made and entered into as of January 21, 2023 (the &#8220;<font style="font-weight: bold;">Signing Date</font>&#8221;), by and among, Alexander C. Kinzler (&#8220;<font style="font-weight: bold;">AK</font>&#8221;), MRMP-Managers LLC, the Ned&#160;L. Sherwood Revocable Trust, NLS Advisory Group, Inc. and Ned&#160;L. Sherwood (collectively, the &#8220;<font style="font-weight: bold;">MRMP
        Stockholders</font>,&#8221; and each, a &#8220;<font style="font-weight: bold;">MRMP Stockholder</font>&#8221;). AK and the MRMP Stockholders are collectively referred to as the &#8220;<font style="font-weight: bold;">Parties</font>,&#8221; and AK and each of the MRMP Stockholders, a &#8220;<font style="font-weight: bold;">Party</font>.&#8221; As of the Signing Date, the
      provisions of this Term Sheet will be binding upon the Parties.</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, as of the date hereof, the MRMP Stockholders
      beneficially own, in the aggregate, 1,989,321 shares of common stock, par value $0.50 per share (the &#8220;<font style="font-weight: bold;">Company Common Stock</font>&#8221;), of Barnwell Industries, Inc., a
      Delaware corporation (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;), representing approximately 19.98% of the Company&#8217;s outstanding shares;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the Company and certain of the MRMP Stockholders
      entered into that certain Cooperation and Support Agreement, dated as of January 27, 2021 (&#8220;<font style="font-weight: bold;">Original CSA</font>&#8221;), regarding certain compositional changes to the Board
      of Directors of the Company (the &#8220;<font style="font-weight: bold;">Board</font>&#8221;) and certain other matters, as provided for in that agreement, which expires as of January 23, 2023;</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, the MRMP Stockholders issued a press release
      announcing their intention to run a proxy contest for full control of the Board at the Company&#8217;s 2023 annual meeting of stockholders (the &#8220;<font style="font-weight: bold;">2023 Annual Meeting</font>&#8221;);</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, as of the date hereof, AK and the MRMP Stockholders
      have determined that it is in their respective best interests to come to an agreement with respect to the Company&#8217;s slate of directors proposed to be elected at the 2023 Annual Meeting and certain other matters, as provided herein; and</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">WHEREAS</font>, this Term Sheet will amend and restate in its
      entirety the Original CSA on the Effective Date (as defined below).</div>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, in consideration of the foregoing premises
      and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound hereby, agree as follows:</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123670239"></a>1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Board Matters and Related Agreements.</u></div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zec6e21e5d35547e0827f1751da45858e" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Director Nominations and Other Board Matters</u>.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zd84eda7c4aa34f1eaa959cbdac44a2c1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Board shall (i) take all necessary actions to disband the Special Committee of the Board, (ii) take all necessary actions to present this Term Sheet to the Board for approval,
              (iii) take all necessary actions to reconstitute the Nominating Committee of the Board to consist of Kenneth S. Grossman (&#8220;<font style="font-weight: bold;">KG</font>&#8221;) and Douglas N. Woodrum (&#8220;<font style="font-weight: bold;">DW</font>&#8221;), (iv) upon the recommendation of the newly constituted Nominating Committee of the Board, take all necessary actions to appoint Laurance Narbut (&#8220;<font style="font-weight: bold;">LN</font>&#8221;) and Joshua Horowitz (&#8220;<font style="font-weight: bold;">JH</font>&#8221;) to the Board, subject to the
              completion of acceptable background checks by the Company and completion of standard director questionnaires, (v) use commercially reasonable efforts to hold the 2023 Annual Meeting within sixty (60) days of the Effective Date (as defined
              herein), and (vi) take all necessary actions to terminate the Tax Benefits Preservation Plan, dated as of October 17, 2022. Upon approval of the Board (the &#8220;<font style="font-weight: bold;">Effective
                Date</font>&#8221;), the Company will sign this Term Sheet and the Term Sheet will be binding on the Company as a &#8220;Party&#8221; hereunder.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" 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>
    <!--PROfilePageNumberReset%Num%2%%%-->
    <table cellspacing="0" cellpadding="0" id="zdb7ca8e7d17847379d79ee6dfc407384" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Board and all applicable committees thereof shall take all necessary actions to nominate each of (A) AK, (B) KG, (C) DW, (D) LN and (E) JH (collectively, the &#8220;<font style="font-weight: bold;">Director Nominees</font>&#8221;) to stand for election to the Board at the 2023 Annual Meeting and 2024 annual meeting of stockholders (the &#8220;<font style="font-weight: bold;">2024 Annual Meeting</font>&#8221;). The Board, based on information provided by the Director Nominees, has determined that each of the Director Nominees, other than AK, would (A) qualify as an
              &#8220;independent director&#8221; under the applicable rules of the New York Stock Exchange and the rules and regulations of the United States Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;"><u>SEC</u></font>&#8221;) and (B) satisfy the guidelines and policies with respect to service on the Board applicable to all non-management directors.&#160; The Company and the Board shall, with respect to the 2023 Annual Meeting
              and the 2024 Annual Meeting, (i) include each of the Director Nominees as a nominee for election to the Board in its proxy statement and on its proxy card distributed to stockholders, (ii) recommend to the stockholders of the Company the
              election of each of the Director Nominees to the Board, and (iii) solicit proxies in favor of and otherwise support the election of each of the Director Nominees to the Board in a manner no less rigorous and less favorable than the manner in
              which the Company supported its incumbent nominees to the Board with respect to prior annual meetings of the Company; subject to the receipt of customary documentation and information from each Director Nominee and no material change in their
              background, qualifications or skills.&#160;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z47d240f5c70c42128b7322a6ac446782" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the Standstill Period, the Board will not (A) except as otherwise contemplated herein, expand the size of the Board above five (5) members and (B) establish or maintain an
              executive committee or another committee with similar powers of the Board without each of the Sherwood Designees (as defined below) being appointed as a member of such committee.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="z5870ce1ef1cf4371829bf569ca812c0b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Additional Agreements</u>.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf16ca8152d264fdc96f35223d2528d22" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the Standstill Period, AK and the MRMP Stockholders agree that they will (A) be present for quorum purposes at any annual or special meeting of the Company&#8217;s stockholders, and
              (B) vote or cause to be voted (including in any action by written consent) all shares of the Company Common Stock beneficially owned, or deemed to be beneficially owned (as determined under Rule 13d-3 promulgated under the Exchange Act), and
              entitled to vote as of the record date, by AK and the MRMP Stockholders in favor of the slate of directors recommended by the Board.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z6a665dba2f974ddc84ac2c05753309f1" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>From the Signing Date and during the Standstill Period, AK and the MRMP Stockholders will grant the Company an irrevocable proxy to vote such shares in accordance with the voting
              obligations set forth in this Term Sheet.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze535e5d433e547a5ba0a717c9fd8b350" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the Standstill Period, the MRMP Stockholders shall have the right to designate up to two (2) persons, inclusive initially of DW and LN, to serve as a director on the Board
              (together, the &#8220;<font style="font-weight: bold;">Sherwood</font>&#160;<font style="font-weight: bold;">Designees</font>,&#8221; and each, a &#8220;<font style="font-weight: bold;">Sherwood Designee</font>&#8221;); <u>provided</u>, <u>that</u>, such Sherwood Designee shall, (A) qualify as an &#8220;independent director&#8221; under the applicable rules of the NYSE and the rules and regulations of the SEC and (B)&#160;satisfy the guidelines and policies of
              the Company with respect to service on the Board applicable to all non-management directors; <u>provided</u>, <u>further</u>, that only one (1) such Sherwood Designee may be an Affiliate of the MRMP Stockholders.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1481d11dee1546f481dff40e35fca8d8" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If, at any time prior to the expiration of the Standstill Period, any of the Sherwood Designees are unable or unwilling to serve as a director, the MRMP Stockholders, for so long as
              they maintain at least 50% of their current ownership of Common Stock as of the Signing Date, shall have the right to propose to the Company a replacement director with relevant financial and business experience, who shall be subject to the
              reasonable approval of the Board.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze9dd78f7b0a34883a17430458d83679a" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If, at any time prior to the expiration of the Standstill Period, AK is unable or unwilling to serve as a director, AK, for so long as him and his affiliates maintain at least 50% of
              their current ownership of Common Stock as of the date of the Term Sheet, shall have the right to propose to the Company replacement director for himself with relevant financial and business experience, who shall be subject to the reasonable
              approval of the Board. AK further agrees that he will not stand for re-election if his current ownership of Common Stock (excluding his Affiliates) falls below 5.0%.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za21bd0195c954f939b79bc13f38ec015" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If, at any time prior to the expiration of the Standstill Period, JH or KG is unable or unwilling to serve as a director, the remaining Board will identify a mutually acceptable
              qualified fifth board candidate. Each of AK and the MRMP Stockholders shall have the ability to recommend candidates to replace JH or KG, subject to the final approval of the Board.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="za6d189a850dd4ef1a42de65ae4a5823d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any replacement director appointed to the Board in accordance with clauses (iv) - (vi) shall be deemed a &#8220;Director Nominee&#8221; for all purposes of the Term Sheet.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z32d3b6a6d09b4e87b895475618140e78" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(viii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The MRMP Stockholders and AK each agree to comply, and cause their Affiliates and Associates to comply, with the terms of this Term Sheet and shall be responsible for any breach of
              this Term Sheet by any such Affiliate or Associate.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zeb41ce473c664c26a2da1ced2a34c144" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No later than two (2) Business Days (which shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or
              obligated to be closed by applicable law) after the Effective Date, the MRMP Stockholders agree to take all necessary actions to irrevocably cease any and all solicitation and other activities in connection with the 2023 Annual Meeting (it
              being understood and agreed that the MRMP Stockholders are required to vote their shares of the Company Common Stock beneficially owned as of the record date during the Standstill Period subject to the provisions of this Term Sheet).</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z1369125f0900415b98007dd992d4fd87" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the Standstill Period, the Company will maintain customary directors&#8217; and officers&#8217; liability insurance coverage.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb47e5cb584a542a48477f3a81a2f029d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(xi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the Standstill Period, any changes to the Certificate of Incorporation or By-Laws that would, if implemented, impair stockholder rights must first be approved by the Company&#8217;s
              stockholders at an annual or special meeting of stockholders of the Company, or any action by written consent of the Company&#8217;s stockholders in lieu thereof, and any adjournment, postponement, rescheduling, continuation or meeting held in lieu
              thereof (a &#8220;<font style="font-weight: bold;">Stockholder Meeting</font>&#8221;) in a manner consistent with the By-Laws, Certificate of Incorporation and applicable law prior to being adopted.
              Nothing in this Term Sheet shall prohibit the Board members from complying with their fiduciary duties as directors of the Company.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8f51f80cb86b49df9d46ace3d64a1f91" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(xii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall not take any action to avoid or seek to avoid the observance or performance of any of the terms required to be observed or performed by the Company or the Board
              under this Term Sheet, but shall at all times in good faith take all actions that are necessary to carry out and perform all of the provisions of this Term Sheet.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123553335"></a>2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Standstill Provisions</u>.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb3c5780157154234b4c23b3e62ea02ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The standstill period (the &#8220;<font style="font-weight: bold;">Standstill Period</font>&#8221;) will begin on the Signing Date and shall
              extend until the date that is ten (10) Business Days prior to the deadline for the submission of stockholder nominations for directors for the Company&#8217;s 2025 annual meeting of stockholders, pursuant to the By-Laws.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="zf52bba93aa4b4f5d80cca5b51df1584b" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For a period of twelve (12) months following the Signing Date (&#8220;<font style="font-weight: bold;">Initial Security Period</font>&#8221;),
              each MRMP Stockholder agrees that neither such MRMP Stockholder, nor any of his or its respective Affiliates and controlled Associates, shall acquire, or offer, seek or agree to acquire, by purchase or otherwise, or direct any third party in
              the acquisition of, any Company Common Stock or any securities convertible or exchangeable into or exercisable for Company Common Stock (collectively, &#8220;<font style="font-weight: bold;">Company
                Securities</font>&#8221;), or rights or options to acquire any Company Securities, or engage in any swap instrument or derivative hedging transactions or other derivative agreements of any nature with respect to Company Securities;<font style="color: #000000;">&#160;</font><u>provided</u><font style="color: #000000;">&#160;</font>that Mr. Ned L. Sherwood and his Affiliates may acquire beneficial ownership of, or economic exposure to, Company Securities, provided that, after giving effect to any such acquisition, Mr. Ned L. Sherwood and his
              Affiliates, taken together, shall not have, in the aggregate, beneficial ownership of, or economic exposure to, more than twenty-eight percent (28%) of the Company&#8217;s outstanding Company Securities that are entitled to vote at any meeting of
              the Company&#8217;s stockholders; <u>provided</u>, <u>further</u>, that, following the Initial Security
              Period and for a period of twelve (12) months thereafter, Mr. Ned L. Sherwood and his Affiliates may acquire beneficial ownership of, or economic exposure to, Company Securities, provided that, after giving effect to any such acquisition, Mr.
              Ned L. Sherwood and his Affiliates, taken together, shall not have, in the aggregate, beneficial ownership of, or economic exposure to, more than thirty percent (30%) of the Company&#8217;s outstanding Company Securities that are entitled to vote
              at any meeting of the Company&#8217;s stockholders; <u>provided</u>, <u>however</u>, that, <font style="color: #000000;">subject to the approval of the Board, including a majority of the non-Sherwood Designees, </font>no additional ownership shall be deemed to have occurred solely due
              to (i) a stock split, reverse stock split, reclassification, reorganization or other transaction by the Company affecting any class of the outstanding capital stock of the Company generally, (ii) a stock dividend or other pro rata
              distribution by the Company to holders of its outstanding capital stock, or (iii) any increase in the percentage ownership by Mr. Ned L. Sherwood or his Affiliates of outstanding shares of the Company resulting from any action taken by the
              Company (any such action by the Company in clauses (i) &#8211; (iii) of this Section 2(b), a &#8220;<font style="font-weight: bold;">Company Action</font>&#8221;), <font style="color: #000000;">and no action will be taken that disproportionately reduces Mr. Ned L. Sherwood&#8217;s or his Affiliates&#8217; ownership percentages, as compared to other stockholders of the Company, as a result of such Company
                Action</font>.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z9a9e0ecc7685437f83e4f54d4fb40ec6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The MRMP Stockholders agree that during the Standstill Period, none of the MRMP Stockholders nor any of their respective Affiliates will, and each of the MRMP Stockholders will cause
              each of their respective Affiliates not to, directly or indirectly, in any manner, alone or in concert with others, without prior written consent, invitation, approval or authorization of the Board or except as otherwise provided for in this
              Term Sheet:</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="zb4310b957dc74371a3c58c6a51bea4ad" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>make, participate in or propose any tender or exchange offer for any Company Securities or any merger, consolidation, acquisition, business combination, recapitalization,
              restructuring, liquidation, dissolution or other similar extraordinary transaction involving the Company or any of its subsidiaries or its or their securities or assets;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z226f054d6591400688b2cd81b0c03729" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>make any private proposal, alone or in concert with others, that would reasonably be expected to require the Company or the MRMP Stockholders to make public disclosure (of any kind);</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zbe1de5eb381e43b39b948f351fabf009" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>engage in a &#8220;solicitation&#8221; of &#8220;proxies&#8221; (as such terms are defined under the Exchange Act), including engagement by use of or in coordination with a universal proxy card, votes or
              written consents of stockholders or security holders with respect to, or from the holders of, Company Securities (including a &#8220;withhold&#8221; or similar campaign), for any purpose, including the election or appointment of individuals to the Board
              or to approve or vote in favor or against stockholder proposals, resolutions or motions, or become a &#8220;participant&#8221; (as such term is defined in Instruction 3 to Item 4 of Schedule&#160;14A promulgated under the Exchange Act) in any contested
              &#8220;solicitation&#8221; of proxies, votes or written consents for any purpose, including the election or appointment of directors with respect to the Company (as such terms are defined under the Exchange Act) (other than a &#8220;solicitation&#8221; or acting as
              a &#8220;participant&#8221; in support of the nominees of the Board at any Stockholder Meeting or providing such encouragement, advice or influence that is consistent with the Board&#8217;s recommendation in connection with such director nominees or other
              proposals, resolutions or motions, pursuant to this Term Sheet or otherwise);</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z4f56aa92529c4aa48f26c957db2d0a83" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>except as specifically set forth in this Term Sheet, seek any additional representation on the Board or encourage any person to submit nominees in furtherance of a contested
              election;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zeeb94cc5afb0409dbccb42ca0a8b93c9" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>make any request for a stockholder list of materials or any other books and records of the Company under Section&#160;220 of the Delaware General Corporation Law or otherwise;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="za5f67cb67e8f4a92a8a65819135f6b52" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>except as specifically set forth in this Term Sheet, present at any Stockholder Meeting any proposal, resolution or motion for consideration for action by stockholders or seek to
              call any Stockholder Meeting;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z095aef44abf24cb9913cdd880281c085" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>grant any proxy, consent or other authority to vote with respect to any matters (other than to the named proxies included in the Company&#8217;s proxy card for any Stockholder Meeting or
              to the MRMP Stockholders&#8217; Affiliates, who are subject to the restrictions set forth in this Section&#160;2, inconsistent with the terms of this Term Sheet or deposit any Company Securities in a voting trust or subject them to a voting agreement or
              other arrangement of similar effect with respect to any Stockholder Meeting (excluding customary brokerage accounts, margin accounts, prime brokerage accounts, swap agreements and the like, and any arrangements solely among the MRMP
              Stockholders);</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
      <div class="BRPFPageBreak" 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>
      <div>
        <table cellspacing="0" cellpadding="0" id="z5014f17dc702491fbadf8e95783e12b5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt;">&#160;</td>
              <td style="width: 36pt; vertical-align: top; text-align: right;">
                <div style="text-align: left;">(viii)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify;"><a name="z_Ref123553382"></a>except as specifically set forth in this Term Sheet, take any action in support of or make any public disclosure,
                  announcement, statement, proposal, plan or request with respect to: (A)&#160;controlling, changing or influencing the Board or management of the Company, including any plans or proposals relating to any change in the number or term of
                  directors or the filling of any vacancies on the Board, (B)&#160;any material change in the business, capitalization, stock repurchase programs and practices, capital allocation programs and practices or dividend policy of the Company, (C)&#160;any
                  other material change in the Company&#8217;s management, compensation, business, corporate or governance structure, (D)&#160;any waiver, amendment or modification to the Certificate of Incorporation or the By-Laws, (E)&#160;causing a class of Company
                  Securities to be delisted from, or to cease to be authorized to be quoted on, any securities exchange or (F)&#160;causing a class of equity Company Securities to become eligible for termination of registration pursuant to Section&#160;12(g)(4) of
                  the Exchange Act; <u>provided</u>, <u>that</u>, the foregoing shall not prevent any of the Director Nominees
                  from discussing any of the matters set forth in this Section&#160;2(c)(viii) in private meetings of the Board while serving as a director in the exercise of his or her fiduciary duties to the Company or its stockholders;</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zc1f12f09c0264771801d9a2456ef3dd6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(ix)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>form, join or act in concert with any person, partnership, limited partnership, syndicate or other group, including a &#8220;group&#8221; as defined pursuant to Section&#160;13(d) of the Exchange Act
              with respect to any Company Securities, other than solely with other MRMP Stockholders and Affiliates of the MRMP Stockholders, with respect to the Company Securities now or hereafter owned by them;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zb3109b74466849fcb32e909132d6f441" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>make any public disclosure, announcement, plan or request involving the Company, its management, business, policies or the Board; <u>provided</u>, <u>that</u>, the MRMP Stockholders may file with the SEC amendments to their Schedule&#160;13D, so long as such amendments do not violate
              the terms of this Section 2;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z8e841b56427f44098264c610477e3eb5" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(xi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>make any request or submit any proposal to amend or waive the terms of this Term Sheet, which could reasonably be expected to require a public announcement or disclosure of such a
              request or proposal; or</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="z90e889f1b0d0450fa2b235c2da4ea259" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(xii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>enter into any discussions, negotiations, agreements or understandings (whether written or oral) with any third party to take any action with respect to any of the foregoing, or
              facilitate, knowingly assist, finance, knowingly encourage or seek to persuade any third party to take any action the MRMP Stockholders are prohibited from taking pursuant to this Section 2.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z28c6b147299745c78ea66ae2b2273b35" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Nothing in this Section&#160;2 shall be deemed to limit the exercise in good faith by any of Director Nominees designated by the MRMP Stockholders (or their replacement designees) of
              their fiduciary duties or rights in their capacity as directors of the Company or from participating in discussions and determinations of the Board.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of the Company</u>. The Company represents and warrants to the MRMP Stockholders that (a)&#160;the Company has the corporate power and authority to execute this Term Sheet and to bind the
            Company thereto; (b)&#160;this Term Sheet has been duly and validly authorized, executed and delivered by the Company, and constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance
            with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity
            principles; and (c)&#160;the execution, delivery and performance of this Term Sheet by the Company does not and will not (i)&#160;violate any organizational document of the Company, (ii)&#160;violate or conflict with any law, rule, regulation, order, judgment
            or decree applicable to the Company or (iii)&#160;result in any breach or violation of or constitute a default (or an event that with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or
            result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which it is
            bound.</div>
      <div style="text-align: justify;">&#160;</div>
      <div style="text-align: justify;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Representations and Warranties of the MRMP Stockholders</u>. The MRMP Stockholders each represent and warrant to the Company that (a)&#160;the authorized signatories set forth on the signature page hereto have the power
            and authority to execute this Term Sheet and any other documents or agreements to be entered into in connection with this Term Sheet and to bind the MRMP Stockholders thereto; (b)&#160;this Term Sheet has been duly and validly authorized, executed
            and delivered by the MRMP Stockholders, and constitutes a valid and binding obligation of the MRMP Stockholders, enforceable against the MRMP Stockholders in accordance with its terms, except as enforcement thereof may be limited by applicable
            bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles; (c)&#160;the execution, delivery and performance of this Term Sheet by
            the MRMP Stockholders does not and will not (i)&#160;violate any organizational document of any of the MRMP Stockholders, (ii)&#160;violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the MRMP Stockholders or
            (iii)&#160;result in any breach or violation of or constitute a default (or an event that with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit
            under, or give any right of termination, amendment, acceleration or cancellation of, any agreement, contract, commitment, understanding or arrangement to which the MRMP Stockholders are a party or by which they are bound; (d)&#160;as of the date
            hereof, the MRMP Stockholders beneficially own (as determined under Rule&#160;13d-3 promulgated under the Exchange Act), in the aggregate, 1,989,321 shares of Company Common Stock; and (e)&#160;as of the date hereof, the MRMP Stockholders do not
            currently have, and do not currently have any right to acquire, any interest in any other Company Securities (or any rights, options or other securities convertible into or exercisable or exchangeable (whether or not convertible, exercisable or
            exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such Company Securities or any obligations measured by the price or value of any Company Securities or any of its Affiliates, including any
            swaps or hedging transactions or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of Company Securities, whether or not any of the foregoing would give rise to beneficial ownership,
            and whether or not to be settled by delivery of Company Securities, payment of cash or by other consideration, and without regard to any short position under any such contract or arrangement).</div>
      <div>&#160;</div>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">8</font></div>
      <div class="BRPFPageBreak" 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;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Public
            Announcements</u>.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze8d90b25b22c4af6b315d84845020f5d" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;"><a name="z_Ref123803395"></a>(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Promptly following the Effective Date, the Company, AK and the MRMP Stockholders shall announce this Term Sheet by means of a mutually agreed press release in a form to be agreed
              between the parties prior to any public release (the &#8220;<font style="font-weight: bold;">Press Release</font>&#8221;). During the Standstill Period, neither the Company nor the MRMP Stockholders shall
              make or cause to be made any public announcement or statement with respect to the subject of this Term Sheet that is inconsistent with or contrary to the statements made in the Press Release.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z5769957c45f64abfa988276f3a0ba899" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;"><a name="z_Ref123803411"></a>(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Following the Effective Date, the Company shall file with the SEC a Current Report on Form 8-K to report its entry into this Term Sheet and appending this Term Sheet as an exhibit
              thereto (the &#8220;<font style="font-weight: bold;">Form 8-K</font>&#8221;). The disclosures contained in the Form 8-K relating to this Term Sheet shall be consistent with the terms of this Term Sheet.
              The Company shall provide the MRMP Stockholders with a reasonable opportunity to review and comment on the Form 8-K prior to its filing with the SEC and consider in good faith any comments of the MRMP Stockholders.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z66a979118b2748ebb65278d7d4477142" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>No later than two (2) Business Days following the Effective Date, the MRMP Stockholders shall file with the SEC an amendment to its Schedule&#160;13D (the &#8220;<font style="font-weight: bold;">MRMP Stockholders 13D/A</font>&#8221;) in compliance with Section 13 of the Exchange Act to report their entry into this Term Sheet and appending this Term Sheet as an exhibit thereto or
              incorporating this Term Sheet by reference to the Form 8-K. The disclosures in the MRMP Stockholders 13D/A relating to this Term Sheet shall be consistent with the terms of this Term Sheet. The MRMP Stockholders shall provide the Company with
              a reasonable opportunity to review and comment on the MRMP Stockholders 13D/A prior to it being filed with the SEC and consider in good faith any comments of the Company.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">9</font></div>
      <div class="BRPFPageBreak" 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;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Termination</u>.
        The term of this Term Sheet shall commence on the Signing Date and shall continue until terminated (the date of such termination, the &#8220;<font style="font-weight: bold;">Termination Date</font>&#8221;)
        either automatically upon the end of the Standstill Period or by mutual written agreement of the Parties; <u>provided</u>, <u>that</u>, either Party may earlier terminate this Term Sheet if the other Party commits a material breach of its obligations under this Term Sheet that (if capable of being cured) is not cured after being provided a reasonable
        opportunity to cure; <u>provided</u>, <u>further</u>, the provisions of Sections 6-11 shall survive the
        termination of this Term Sheet. Termination of this Term Sheet shall not relieve any Party from its responsibilities in respect of any breach of this Term Sheet occurring prior to such termination.</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123670817"></a>7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #000000;"><u>Specific Performance</u>. Each of the MRMP Stockholders, on the one hand, and the Company, on the other hand,
          acknowledges and agrees that irreparable injury to the other Party would occur in the event any of the provisions of this Term Sheet were not performed in accordance with their specific terms or were otherwise breached and that such injury would
          not be adequately compensable by the remedies available at law (including the payment of money damages). It is accordingly agreed that each of the MRMP Stockholders, on the one hand, and AK, on the other hand (the &#8220;</font><font style="font-weight: bold; color: #000000;">Moving Party</font><font style="color: #000000;">&#8221;), shall each be entitled to specific enforcement of, and injunctive
          relief to prevent any violation of, the terms hereof (without the requirement of posting a bond) at the discretion of a court of competent jurisdiction, and the other Party will not take action, directly or indirectly, in opposition to the Moving
          Party seeking such relief on the grounds that any other remedy or relief is available at law or in equity. This Section&#160;7 is not the exclusive remedy for any violation of this Term Sheet.</font></div>
    <div>&#160;</div>
    <div style="text-align: justify;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Expenses</u>.
        The Company shall reimburse the MRMP Stockholders and AK for their reasonable, documented out-of-pocket fees and expenses (including legal expenses) in connection with the negotiation and execution of this Term Sheet and the transactions
        contemplated hereby and the proposed nomination of directors by the MRMP Stockholders in connection with the 2023 Annual Meeting. The expenses shall be paid promptly, but in no event no later than thirty (30) days, following the Effective Date.</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123670829"></a>9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Notices</u>. Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Term Sheet must be in writing and will be deemed to have been delivered <a name="DocXTextRef73"></a>(a)&#160;when delivered by hand; <a name="DocXTextRef74"></a>(b)&#160;upon sending, if sent by electronic mail to the electronic mail addresses below, with confirmation of receipt from the receiving party by electronic mail; <a name="DocXTextRef75"></a>(c)&#160;one (1) Business Day after being sent by a nationally recognized overnight carrier to the addresses set forth below; or <a name="DocXTextRef76"></a>(d)&#160;when actually delivered if sent by any other method that results
        in delivery:</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">10</font></div>
      <div class="BRPFPageBreak" 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;">If to AK:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">Barnwell Industries, Inc.</div>
    <div style="text-align: justify; margin-left: 36pt;">1100 Alakea Street, Suite 2900</div>
    <div style="text-align: justify; margin-left: 36pt;">Honolulu, Hawaii</div>
    <div style="text-align: justify; margin-left: 36pt;">Attention: Alexander&#160;C. Kinzler</div>
    <div style="text-align: justify; margin-left: 36pt;">Email: akinzler@brninc.com</div>
    <div>&#160;</div>
    <div style="text-align: justify;">with copies (which shall not constitute notice) to:</div>
    <div>&#160;</div>
    <div style="margin-left: 36pt;">Olshan Frome Wolosky LLP</div>
    <div style="margin-left: 36pt;">1325 Avenue of the Americas</div>
    <div style="margin-left: 36pt;">New York, New York 10019</div>
    <div style="margin-left: 36pt;">Attention: Elizabeth Gonzalez-Sussman</div>
    <div style="margin-left: 36pt;">Email: EGonzalez@olshanlaw.com</div>
    <div><br>
    </div>
    <div style="text-align: justify;">If to the MRMP Stockholders:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;">Ned&#160;L. Sherwood</div>
    <div style="text-align: justify; margin-left: 36pt;">151 Terrapin Point</div>
    <div style="text-align: justify; margin-left: 36pt;">Vero Beach, Florida 32963</div>
    <div>&#160;</div>
    <div style="text-align: justify;">with a copy (which shall not constitute notice) to:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt;"><a name="z_Hlk123667790"></a>The NBD Group, Inc.</div>
    <div style="text-align: justify; margin-left: 36pt;">350 N. Glendale Ave, Ste B522</div>
    <div style="text-align: justify; margin-left: 36pt;">Glendale, California 91206</div>
    <div style="text-align: justify; margin-left: 36pt;">Attention: Sara L. Terheggen</div>
    <div style="text-align: justify; margin-left: 36pt;">Email: st@nbdpro.com</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123553421"></a><a name="z_Ref123670838"></a>10.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Governing Law; Jurisdiction</u>. This Term Sheet and all disputes or controversies arising out of or related to this Term Sheet shall be governed by and construed in accordance
        with the internal laws of the State of Delaware, without reference to its conflicts of law principles.</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123553441"></a>11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Counterparts</u>. This Term Sheet may be executed in one (1) or more counterparts, each of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of
        the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). F<font style="color: #000000;">or the avoidance of doubt, none of the Parties shall be bound by
          any contractual obligation to the other Parties (including by means of any oral agreement) until all counterparts to this Term Sheet have been duly executed by each of the Parties and delivered to the other Parties (including by means of
          electronic delivery)</font>.</div>
    <div>&#160;</div>
    <div style="text-align: justify;"><a name="z_Ref123802553"></a><a name="z_Ref123670853"></a>12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Mutual Non-Disparagement</u>.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="ze0598477fa2b49bd971b1f248251fed4" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The MRMP Stockholders agree that neither they nor any of their Representatives shall make any public statement that constitutes an ad hominem attack on, or otherwise disparages,
              defames or damages the reputation or good name of AK or the Company or his or its respective Representatives or is otherwise critical, negative towards or derogatory of AK, the Company or his or its respective Representatives or any of AK&#8217;s
              or the Company&#8217;s practices, procedures, businesses, business operations, products or services.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">11</font></div>
      <div class="BRPFPageBreak" 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>
    <table cellspacing="0" cellpadding="0" id="z915cc4f42f584ef8b4da14314f7049ca" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each of AK and the Company agrees that neither he or it nor any of his or its respective Representatives shall make any public statement that constitutes an ad hominem attack on, or
              otherwise disparages, defames or damages the reputation or good name of the MRMP Stockholders or their Representatives or is otherwise critical, negative towards or derogatory of the MRMP Stockholders or their Representatives or any of their
              practices, procedures, businesses, business operations, products or services.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify;">13.&#160;&#160;&#160;&#160;&#160;&#160; <u>Severability</u>.
        If any term, provision, covenant or restriction of this Term Sheet is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Term Sheet shall remain
        in full force and effect and shall in no way be affected, impaired or invalidated. The Parties agree to use their commercially reasonable best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for
        any of such that is held invalid, void or enforceable by a court of competent jurisdiction.</div>
    <div>&#160;</div>
    <div style="text-align: justify;">14.&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Entire
            Agreement; Amendment and Waiver; Successors and Assigns</u>. <font style="color: #000000;">This Term Sheet (including its exhibits) contains the entire understanding of the Parties with
          respect to the subject matter thereof. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein and therein. The Parties agree that the
          Original CSA shall be terminated as of the Effective Date. No modifications of this Term Sheet can be made except in writing signed by an authorized representative of each of the Parties; </font><u>provided</u>, <u>however</u>, that such modification must be approved by a majority of directors who are not then, nor ever have been, Sherwood
        Designees<font style="color: #000000;">. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall
          any single or partial exercise of such right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any
          other remedies provided by law. The terms and conditions of this Term Sheet shall be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors, heirs, executors, legal representatives and permitted
          assigns. No Party shall assign this Term Sheet or any rights or obligations hereunder without, with respect to the MRMP Stockholders, the prior written consent of the Company, and with respect to AK, the prior written consent of the MRMP
          Stockholders. Until the Effective Date, this Term Sheet is solely for the benefit of the Parties and is not enforceable by any other persons or entities</font>.</div>
    <div>&#160;</div>
    <div style="text-align: center; font-weight: bold;">[The remainder of this page intentionally left blank]</div>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" class="BRPFPageNumber">12</font></div>
      <div class="BRPFPageBreak" 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; text-indent: 36pt;">IN WITNESS WHEREOF, this Term Sheet has been duly executed and delivered by the duly authorized signatories of the Parties as of the date hereof.</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="z1e69e38b7f814670b7646117a726acda" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>MRMP-MANAGERS LLC</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>/s/&#160;Ned L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Ned&#160;L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Investment Manager</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
          </td>
          <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>NED&#160;L. SHERWOOD REVOCABLE TRUST</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
          </td>
          <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>/s/&#160;Ned L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Ned&#160;L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div>Trustee</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 5%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="vertical-align: top;" colspan="3">
            <div>NLS ADVISORY GROUP, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;"><br>
          </td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>/s/ Ned L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div>/s/ Ned L. Sherwood</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>NED&#160;L. SHERWOOD</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top; border-bottom: 2px solid black;">
            <div>/s/ Alexander C. Kinzler</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">
            <div>ALEXANDER C. KINZLER</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top; border-bottom: 2px solid black;" colspan="3">
            <div style="font-weight: bold;">COMPANY TO EXECUTE ON EFFECTIVE DATE:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="width: 40%; vertical-align: top;"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="vertical-align: top;" colspan="3">
            <div>BARNWELL INDUSTRIES, INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1"><br>
          </td>
          <td style="vertical-align: top;" colspan="3" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div>By:</div>
          </td>
          <td style="width: 5%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" rowspan="1" colspan="2">
            <div>/s/ Russell M. Gifford</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div>Name:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div style="color: #000000;">Russell M. Gifford</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;"><br>
          </td>
          <td style="width: 5%; vertical-align: top;">
            <div>Title:</div>
          </td>
          <td style="width: 40%; vertical-align: top;">
            <div><font style="color: #000000;">Executive Vice President, Chief Financial Officer,</font>&#160;<font style="color: #000000;">Treasurer and Secretary</font></div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>&#160;</div>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
