<SEC-DOCUMENT>0001213900-25-055893.txt : 20250620
<SEC-HEADER>0001213900-25-055893.hdr.sgml : 20250620
<ACCEPTANCE-DATETIME>20250620101102
ACCESSION NUMBER:		0001213900-25-055893
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250620
DATE AS OF CHANGE:		20250620

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BARNWELL INDUSTRIES INC
		CENTRAL INDEX KEY:			0000010048
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				720496921
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		251059472

	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:			SHERWOOD NED L
		CENTRAL INDEX KEY:			0000902749
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	MAIL ADDRESS:	
		STREET 1:		151 TERRAPIN POINT
		CITY:			VERO BEACH
		STATE:			FL
		ZIP:			32963
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>ea0246284-dfan14a_sherwood.htm
<DESCRIPTION>DEFINITIVE ADDITIONAL MATERIALS
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SCHEDULE 14A</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Proxy Statement Pursuant to Section&nbsp;14(a)&nbsp;of
the<br>
Securities Exchange&nbsp;Act&nbsp;of&nbsp;1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 38%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by the Registrant</font></td>
    <td style="width: 62%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td></tr>
  <tr style="vertical-align: top">
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by a party other than the Registrant</font></td>
    <td style="font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Check
the appropriate box:</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary Proxy Statement</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material under &sect;
    240.14a-12</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 14pt; text-transform: uppercase"><b>BARNWELL
INDUSTRIES, Inc.</b></font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in charter)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Ned L.&nbsp;Sherwood<br>
MRMP-Managers LLC<br>
Ned L.&nbsp;Sherwood Revocable Trust<br>
Brian Henry<br>
Heather Isidoro<br>
Benjamin Pierson<br>
Douglas Woodrum</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;(Name of Persons Filing Consent Statement
if other than the Registrant)</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Payment of Filing Fee (Check all boxes that
apply):</b></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a- 6(i)(1) and 0-11</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b></b></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&nbsp;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>FOR IMMEDIATE RELEASE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Sherwood Group Reiterates Concerns Regarding
Barnwell Board Process and Urges Constructive Resolution</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vero Beach, Florida, June 20, 2025 &ndash; The
Sherwood Group, a long-term shareholder with approximately 29.90% of the issued and outstanding shares of Barnwell Industries, Inc. (&ldquo;Barnwell&rdquo;,
&ldquo;BRN&rdquo; or the &ldquo;Company&rdquo;), today issued the following letter to fellow shareholders.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>To Our Fellow Shareholders,</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We appreciate the continued support and engagement
of shareholders during this important period for Barnwell Industries. Like many of you, we share the goal of seeing Barnwell positioned
for long-term growth, responsible governance, and enhanced shareholder value.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of this writing, Barnwell&rsquo;s 2025 Annual
Meeting of Shareholders has been adjourned for a third time, with the new date now scheduled for September. We are concerned that this
delay may undermine shareholder confidence and that the prolonged uncertainty distracts from the critical work that needs to be done to
ensure the financial health of the Company. We also note potential concerns around compliance with NYSE listing standards related to board
composition, given the status of the Board.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of today, only two directors&mdash;Ken Grossman
and Josh Horowitz&mdash;remain on the Board, collectively holding approximately 4.8% of the Company&rsquo;s outstanding shares. By contrast,
over 45% of shares have already been voted <i>in favor of change</i> through the Green proxy card. In our view, the Company would benefit
from recognizing this strong call for renewal and broader independent representation.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For transparency, we would like to share some
context based on preliminary vote data:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Mr. Grossman received a total of approximately 2.8 million votes (White + Green Card), or 28.04% of the
outstanding shares. When this total is adjusted for aligned insider holdings (which include, in addition to Grossman and Horowitz, Kinzler,
Magaro and Hopkins (the &ldquo;insider group&rdquo;)), support among independent shareholders outside of this insider group is approximately
2.44%.</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Mr. Horowitz received approximately 3.05 million votes (White + Green Card), or 30.4%, with adjusted independent
support outside of the same insider group estimated at 4.8%.</td></tr></table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We recently provided a revised settlement proposal
to Mr. Horowitz intended to move past the ongoing conflict and balance continuity with meaningful change. The proposal included:</p>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Maintaining Mr. Horowitz on the Board;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Adding CEO Craig Hopkins, Green proxy nominees Ben Pierson and Heather Isidoro (each of whom received
support from over 46% of shareholders), and former director Brad Tirpak;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">Forming a refreshed 5-person Board, comprising three independent directors and two representatives from
management&rsquo;s slate;</td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.25in"></td><td style="width: 0.25in">&#9679;</td><td style="text-align: justify">No board seat was requested for me.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This proposal was made in good faith and in the
interest of reconciliation and moving forward collaboratively. Unfortunately, this proposal was ignored. We remain open to discussions
that will serve in the best interests of all shareholders, including those who have already spoken on the Green card, to allow the Company
to move past conflict and refocus on the longevity and financial health of the Company.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Should the Company engage meaningfully on this
proposal&mdash;or a similarly balanced path&mdash;I will fully commit to participating. We ask Mr. Horowitz and Mr. Grossman to consider
their fiduciary duty to consider solutions that reflect the interests of all shareholders, otherwise reaching a constructive resolution
will be all but impossible. We remain hopeful they will engage in a forward-looking path for Barnwell.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We remain committed to promoting accountability,
transparency, and stewardship at Barnwell Industries, and hope other shareholders will join in our requests for accountability from the
remaining Directors.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 40%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,</font></td>
    <td style="width: 60%">&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td>&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>/s/ Ned L. Sherwood</b></font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ned L. Sherwood</font></td>
    <td>&nbsp;</td></tr>
  </table>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Voting Note:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b>Preliminary voting results are not final and may
change. Shareholders may revoke or update their proxies at any time prior to the Annual Meeting. The Sherwood Group encourages all shareholders
to carefully evaluate all materials before making their final voting decisions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>If you have any questions, please contact:</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alliance Advisors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">150 Clove Road, Suite 400, Little Falls, NJ 07424</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Shareholders call toll-free: 1 (833) 215-7301</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: brn2025@allianceadvisors.com</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>For media inquiries or further information, please contact:</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alyssa Barry</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Media Relations, Alliance Advisors</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">abarry@allianceadvisors.com</p>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">3</p>

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