<SEC-DOCUMENT>0001140361-25-013531.txt : 20250411
<SEC-HEADER>0001140361-25-013531.hdr.sgml : 20250411
<ACCEPTANCE-DATETIME>20250411171443
ACCESSION NUMBER:		0001140361-25-013531
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250411
DATE AS OF CHANGE:		20250411

FILER:

	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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05103
		FILM NUMBER:		25833591

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>ef20047317_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Summit, a Broadridge Company
         Document created using Broadridge PROfile 25.3.1.5296
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <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; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; margin-right: 7.2pt; margin-left: 7.2pt; font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"> <br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
      <div style="text-align: center; font-weight: bold;">Proxy Statement Pursuant to Section 14(a)</div>
      <div style="text-align: center; font-weight: bold;">of the Securities Exchange Act of 1934</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"><font style="font-weight: bold;"> </font><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;" id="z4544120952f74232b4cc5e52b3c9c4c7">

          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt; color: rgb(0, 0, 0);">Filed by the Registrant</div>
            </td>
            <td style="width: 65%; vertical-align: top;">&#9746;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 65%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 35%; vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt; color: rgb(0, 0, 0);">Filed by a Party other than the Registrant</div>
            </td>
            <td style="width: 65%; vertical-align: top;">&#9744;</td>
          </tr>
          <tr>
            <td rowspan="1" style="width: 35%; vertical-align: top;">&#160;</td>
            <td rowspan="1" style="width: 65%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td colspan="2" style="vertical-align: top;">
              <div style="text-align: justify; margin-right: 2pt; color: rgb(0, 0, 0);">Check the appropriate box:</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="text-align: justify;">
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc35bdf3d3d744688a436f82d2ea094b0">

            <tr>
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Preliminary Proxy Statement</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za7c890f3be6d4e91a0faaa98e4e99055">

            <tr>
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0); font-weight: bold;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6 (e)(2))</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6f843efd795f4cc8b9db085df8053f76">

            <tr>
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Definitive Proxy Statement</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6422c512e83e4973b2b221a74d77bdcb">

            <tr>
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Definitive Additional Materials</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb78f81739fe54aa6ba55e51ba5080042">

            <tr>
              <td style="width: 18pt;">&#160;</td>
              <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: rgb(0, 0, 0);">Soliciting Material under &#167;240.14a-12</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-size: 24pt; font-weight: bold;">Barnwell Industries, Inc.</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"> <br>
      </div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">(Name of Registrant as Specified in Its Charter)</div>
      <div style="text-align: justify; margin-right: 7.2pt; margin-left: 7.2pt;"> <br>
      </div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">
        <hr noshade="noshade" align="center" style="height: 2px; width: 90%; color: #000000; background-color: #000000; margin-left: auto; margin-right: auto; border: none;"></div>
      <div style="text-align: center; margin-right: 9.2pt; margin-left: 7.2pt; font-weight: bold;">(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>
      <div><br>
      </div>
      <div>
        <div>Payment of Filing Fee (Check the appropriate box):</div>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbeabd4c5b9fd4b819e2f6e2499388a9b">

            <tr>
              <td style="width: 21.6pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
              <td style="vertical-align: top;">
                <div>No fee required</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z40cccce51dc145ab97367e4b7e9724d5">

            <tr>
              <td style="width: 21.6pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="vertical-align: top;">
                <div>Fee previously paid with preliminary materials</div>
              </td>
            </tr>

        </table>
        <div> <br>
        </div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z51532c8cbada4fbfae43ddd84a23eda0">

            <tr>
              <td style="width: 21.6pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
              <td style="vertical-align: top;">
                <div>Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </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 class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" id="ze58a12dab68e4922b2463e07e4ba8468" style="font-family: 'Times New Roman'; font-size: 10pt; color: #000000; width: 100%;">

                <tr>
                  <td style="width: 13%;"><img src="image00001.jpg"></td>
                  <td style="width: 87%; text-align: left; vertical-align: top;">
                    <div>BARNWELL INDUSTRIES, INC.</div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt; margin-left: 216pt;">April 11, 2025</div>
          <div><br>
          </div>
          <div style="text-align: justify;">Dear Valued Stockholder:</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The board of directors (the &#8220;Board&#8221; or the &#8220;Board of Directors&#8221;) and the management team of Barnwell Industries, Inc. (&#8220;Barnwell&#8221; or the &#8220;Company&#8221;) are committed to implementing Barnwell&#8217;s
            strategic plan for our Alberta energy assets and delivering significant value and returns to ALL stockholders. This letter and the accompanying materials contain important information regarding your investment in Barnwell and a decision you
            will need to make regarding your shares.</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">As you may be aware, Ned L. Sherwood (&#8220;Sherwood&#8221;) and certain of his affiliates, MRMP-Managers LLC and Ned L. Sherwood Revocable Trust (collectively with Sherwood, the &#8220;Sherwood Group&#8221;) is
            soliciting your written consent to remove, without cause, the entire Board of Barnwell, including his own previous designees, and replace the Board with five new individuals, including Sherwood. In short, Sherwood is attempting to take sole
            control of the Company without paying you a premium for that control.</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The Board strongly believes that the Sherwood Group&#8217;s actions are not in the best interests of Barnwell and its stockholders and recommends that you do not sign the blue consent card and do not
            consent to the Sherwood Group&#8217;s proposals. <font style="font-weight: bold;">If you have signed the Sherwood Group&#8217;s blue consent card, you may revoke that consent by signing, dating and mailing the enclosed WHITE Consent Revocation Card
              immediately.</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The Sherwood Group&#8217;s consent solicitation is a continuation of expensive and disruptive campaigns Sherwood has lodged against Barnwell since 2020. Despite Barnwell&#8217;s best efforts to reach a
            settlement with Sherwood, he continues to demand the right to appoint all or virtually all of our directors. His latest campaign significantly risks the value of your investment. Stockholders should be aware that:</div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8e664098f1f14817804aae33b985d3c4">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Since 2020, Sherwood has shifted his support among nine different individuals who have been either Board members or senior management &#8211; yet, inexplicably, not one of those nine individuals appears on the
                    Sherwood Group&#8217;s blue consent card.</div>
                </td>
              </tr>

          </table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z043514003bcb43beb9d78edcbd96cf69">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Despite seeking to replace the entire Board, Sherwood has NO plan for the Company, and has never put forth any strategy or credible idea to enhance value.</div>
                </td>
              </tr>

          </table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zeda609bc0e0a4ee8992557733228cd5d">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">The disruption from replacing the entire Board would put the trajectory of the Company in significant jeopardy by eliminating substantial institutional knowledge of the business and operations.</div>
                </td>
              </tr>

          </table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z22e25c2b6bc949a9bcb819bf65bb96e6">

              <tr>
                <td style="width: 54pt;"><br>
                </td>
                <td style="width: 18pt; vertical-align: top;">&#8226;</td>
                <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-weight: bold;">Most - if not all - of Sherwood&#8217;s suggestions to reduce costs and improve efficiency have been implemented over the past two years.</div>
                </td>
              </tr>

          </table>
          <br>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageFooter" style="width: 100%;"></div>
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
            <div style="width: 100%;" class="BRPFPageHeader">
              <div style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Page <font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
            </div>
          </div>
          <!--PROfilePageNumberReset%Num%2%%%-->
          <div style="text-align: justify; text-indent: 36pt;">Please review the consent revocation statement carefully, including the section entitled &#8220;<font style="font-style: italic;">Recommendation of the Company&#8217;s Board of Directors and Reasons for
              the Recommendation</font>,&#8221; because it contains important information about why you should reject the Sherwood Group&#8217;s&#160; efforts to remove and replace all of Barnwell&#8217;s directors and to repeal certain related changes to the Bylaws. We ask
            stockholders to carefully consider the impact that the Sherwood Group&#8217;s consent solicitation could have on the long-term value of your shares.</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">Sherwood is not, and never has been, an officer or director of Barnwell, where he would owe a duty to all stockholders. As a stockholder, Sherwood does not have a fiduciary duty to act in the
            best interests of the Company&#8217;s stockholders (including when selecting potential nominees to serve on your Board, who also do not, and will not, have any such duty, unless elected to the Board).</div>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">The Board firmly believes that the Sherwood Group&#8217;s actions are NOT in the best interests of the Company or its stockholders. We continue to urge the Sherwood Group to abandon the disruptive
            consent solicitation that is once again causing unnecessary and ill-advised expenditure of corporate time and resources. The Board further believes that your current Board and management is well equipped to pursue the Company&#8217;s current business
            plan and strategies but remains open to a settlement (as it has for the last five years) where the Sherwood Group would have appropriate representation in light of its 30% ownership interest, but the Board is not prepared to give Sherwood sole
            control of your Company.</div>
          <div><br>
          </div>
          <div style="font-weight: bold;"><u>Accordingly, we strongly urge you to reject the Sherwood Group&#8217;s opportunistic efforts to remove the entire Board. </u></div>
          <div><br>
          </div>
          <div>You can reject the Sherwood Group&#8217;s efforts to take control of the Company by taking the following steps:</div>
          <div> <br>
          </div>
          <div>
            <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zb26c913c9c5244f39a29eb878eb2f6f3" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

                <tr style="vertical-align: top;">
                  <td style="text-align: right; vertical-align: top; width: 18pt;">
                    <div style="text-align: left;"><font style="color: rgb(0, 0, 0);">1.</font></div>
                  </td>
                  <td style="text-align: left; vertical-align: top; width: auto;">
                    <div><font style="color: rgb(0, 0, 0);"><u>Do not sign</u> the Sherwood Group&#8217;s blue consent card;</font></div>
                  </td>
                </tr>

            </table>
          </div>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb05584d08624099a7db23f0d8a8287a">

              <tr>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">If you have signed the Sherwood Group&#8217;s blue consent card, you may revoke that consent by signing, dating and mailing the enclosed <font style="font-weight: bold;"><u>WHITE</u></font> Consent Revocation
                    Card immediately; and</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z79a8d7cbf3ee46248da5e3005cc9610e">

              <tr>
                <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">Even if you have not signed the Sherwood Group&#8217;s blue consent card, you can show your support for your Board and the best interests of fellow stockholders by signing, dating and mailing the enclosed <font style="font-weight: bold;"><u>WHITE</u></font> Consent Revocation Card.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: justify; text-indent: 36pt;">Regardless of the number of shares of Barnwell common stock that you own, your revocation of consent is important.<font style="font-weight: bold;"> PLEASE ACT TODAY AND MAKE YOUR VOICE HEARD
              REGARDING THE FUTURE OF YOUR COMPANY</font>. Thank you for your consideration and your continuing support of our company.</div>
          <div><br>
          </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="width: 100%;" class="BRPFPageFooter"></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
            <div style="width: 100%;" class="BRPFPageHeader">
              <div style="font-weight: normal; color: rgb(0, 0, 0); font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Page <font class="BRPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
            </div>
          </div>
          <div style="text-align: justify;">Very truly yours,</div>
          <div>The Executive Committee of the Board of Directors of Barnwell Industries, Inc.</div>
          <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;" id="z141f6b4b4f2c439db0a0c4b3039edb92">

              <tr>
                <td style="width: 33.33%; vertical-align: top;">
                  <div>Ken Grossman</div>
                  <div>/s/ Ken Grossman</div>
                  <div>Chairman of the Board,</div>
                  <div>Independent Director</div>
                </td>
                <td style="width: 34%; vertical-align: top;">
                  <div>Josh Horowitz</div>
                  <div>/s/ Josh Horowitz</div>
                  <div>Independent Director</div>
                </td>
                <td style="width: 33.34%; vertical-align: top;">
                  <div>Alex Kinzler</div>
                  <div>/s/ Alex Kinzler</div>
                  <div>Executive Chairman</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">If you have questions, would like to speak with management, or need assistance revoking any consent of your shares please contact Okapi Partners LLC:</div>
          <div><br>
          </div>
          <div style="text-align: center; color: rgb(0, 0, 0);">Okapi Partners LLC</div>
          <div style="text-align: center; color: rgb(0, 0, 0);">1212 Avenue of the Americas, 17th Floor</div>
          <div style="text-align: center; color: rgb(0, 0, 0);">New York, New York 10036</div>
          <div style="text-align: center; color: rgb(0, 0, 0);">+1 (877) 869-0171</div>
          <div style="text-align: center; font-size: 12pt;"><font style="font-size: 10pt; color: rgb(0, 0, 0);">Email: </font><font style="font-size: 10pt;">barnwell@okapipartners.com</font></div>
          <div>&#160;</div>
          <div><br>
          </div>
          <div></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>
      </div>
    </div>
  </div>
  <div style="width: 100%;" class="BRPFPageFooter"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !6 %L# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#ZIHI&.%)'
M-<K\1_'6C^ ?#DFK:W+Q]V"W0_O)WQ]U1_,] * .@U34;/2K&6]U.ZAM+2(;
MI)IG"*H]R:\!\>?M0:'I<LEMX3T^36)E./M,I,4'X?Q-^0KPGQ+XD\;?&_Q2
M+>V@DEA0EHK*%ML%JG]]V/ ]V:FR:3X \&-MUZ^G\6ZS&<-9Z9)Y-G&PZJT^
M,O\ \ &* +VO?M$?$+59&$&I0:=$QXCL[=1C_@39/ZU@M\5_B.?G/B?6A[AR
M!_*K4GQ=OK+]WX6\/^'-!@7[OD6"32?C))N)/OQ3$^-_C]6R=<WK_<>UB9/R
MVXH N:/\?OB+IC G7?MBCJEW D@/XX!_6O6O!7[5,4DD<'C+13 #@&ZL&+ >
MI,;<_D37D!^*L6JIY7C#P=X=UA#]Z:&#['<#Z21X'_CM1/X4\+^+3GP#J<MG
MJC=-$UAE5I#Z0S_=<_[+8/UH ^[_  MXHT7Q5I:ZAX?U&"^M6ZM$V2I]&7JI
M]B*V,U^:WA_7O$OPY\4--I\ESI6J6S;)X)4(#8_@=#U'U_"OMOX*_%K3/B1I
MA0A;/7;=0;FS+=1_?C]5_4=^Q(!Z?12 YI: *FJ:A;:5IMU?W\JPVEM$TLLC
M=%51DFOA/Q%JFM_'7XH,(7%OI\08QF4XBL;1>6D?\.3ZGBO;OVQ?%SZ3X0L?
M#EK(5GU:0R3X/(@0CC\6Q_WR:\)U:4^"/A+8:7;?N]:\5J+Z]D'#)9 XBB^C
MG+GU&* *OC7QI:VNEOX1\ B6T\-(V+BY'RSZI(.#)(1SM]$Z8KN?A5^SKJ&O
MV$>L>,;F72-+9?-6VC ^T2)UR<\(/KD^PJY^R?\ "^'7;R3Q=KMNLMA9R;+*
M&09668<ER.X7C'O]*^MM6N8K32[RYN0IMXH'DD##C:%).?PH _/C3?'MOX<O
M;A-#\,>'9H$E?R)KZT-Q*4S\N2S8SC':N@'Q[\0>7L;0?"C)_=.F+C\LUYYH
M-S:GQ=9WMW8O<62W8N);2!,EXPVXH!TQ@8^E>F6?C7P@/'?BK4YO![RZ5J5F
ML%G9)%$6MI&4#<%S@$X/W>: ,W0-?TWXA^-M&TCQ#X<T/3X+^Y6"2ZTN VTJ
MEN <[BO4CJ*O_&#X%ZWX!234]/D;5="4Y-PBXDMQV\Q1V_VAQ]*X;X:7R:)\
M2?#EY=QGR[;4(3(CKR!O .0>XK]([B%)XGBF19(G4JR,N0P/4$>E 'P)X?UJ
MS^(-G;>&?&4Z1:NJ^5I&N2'YU;^&"X/\49Z!CRI/<5R5C>:Y\/?&JS)YECK>
ME3E65NQ'!4^JD<>X-=[^TC\,E\!>*4O=*C*Z#J3,]N!T@D'+1_U'M]*I^,=O
MCCX7V'B_AM=T>1-+U=L_--&1^XG/O@;">Y'M0!]I?#/QA9>.O!]CKEAA/.7;
M-#GF&4?>0_CT]B*ZJOC3]CCQ<^F^,KOPS<2?Z)JD1EB!/W9HQGCZKG_OD5]E
MCI0!\2_M332Z]\<;?2%<[8XK:SC']TR')Q^+5Q'QRO#J'Q4UBUMU_<6$B:9;
MQCHBPJ(PH_$'\Z[+XT*;?]J*%Y>%-_8R<^F8ZX?X@ 6GQOUXS?<37I7)/IYY
M/\J /O+X;>'XO"W@71-'@ 'V:V0.0,;G(RQ_%B:Y_P#:"UC^Q/A!XDN%?9++
M;_98S[R$+_(FO0XV5T#H<JP!!]J^>_VT]6-KX!TK3%89O;[>P[[8U)_F10!\
MM?#W6=7\-:\-;T&U$US9QL#*T/FK '&S>>PZ\$\9KJ-+\07N@>--:UZPBE35
M(XTFCE^UVTFUVQDE0NV0-_=0 BLWX9^,M<\'QWW]A(EO'JC):SWS0JY11DE5
M+D("=V?F]JW-*LI]'\=Z[?:=;ZS:WFG0K=1SO):,T+-@EY=Q$95L\!#GD4 <
M#XKN]1N/$UWJ.IV;:??W4QO&B\IH@I<[LJIY /45^CW@O4UUKPCHVIHV\7=I
M%-N]24&?UK\\_B+XJUKQMJEOKFOVT:W!A%O]HBA,:S[">?3=S@X]J^R?V6-9
M.K?!O2D=MTMA)+9M[;6RH_[Y9: +G[27A^/Q!\(M;!0-/8H+V$XY4IR?_'=U
M?)GP.D^W2>+?#DN3!J^B7&%QG$L(\U&^HVM^=?;_ ,2&1?A[XH,I 3^R[G)/
M_7)J^&/V?-R_%"P<?<2VNGD_W! ^?TH P?A7JC:+\2/#=^F?W5_#G!QE2P!'
MY$U^E-?F#X=S)XGTL1]6O(MOXN*_3Z@#XR_;&TJ;2_B3I6N0 @7EJI5\<"2)
ML?R*UP/QX@6;QRNO6W_'EK]G!J<##I\R .,^H=6S7UA^TOX(?QE\.;A[./?J
M>EL;RV '+*!\Z#ZKS]0*^=/A?J^F^(? ]SX=U;0K/7-;T=9+K1X+J1T,L).Z
M:%2I!+#!8+WYH ^L?@SXEC\6?#70M31U:4VZPS@?PRH-K#\QGZ$5\U_MK:L+
MGQQHNEJV5LK$RL!V:1S_ $0?G63X/^/[>#+2XL_#?@S3+*WFD\R2,7,S MC&
M<$G!P*R_$WQ?TCQ1JTFJ>(/A[H]YJ$BJKS-=S*2%&!P#CH* -/X<>.-6T7X?
M0>%['PN#:WDSW%UJ=YI\EY&P; !6(+AL  9)(KFO#VFZ?9_$'4FMKNZ86:":
MV,_A]IDDD.,K);9.Q>6P>>@KO=._:CU73+"VL;#PKI4%I;QK%#$LTF$51@#\
MJY30?CGJ6C_$?7O%\>CV4ESJ\*126YD8)&%V\@]?X: +'QF\>:KXT\*Z99:Q
MX9DT^72YV,=[!;R0V\D;#& CC*9('&:]+_8CU</IGB;2&;)CEBND7V8%6/\
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:I110!ZJJ*B!$4*H&  , "G444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
