Barnwell Industries reaches cooperation and support agreement with stockholders

Barnwell Industries (BRN) has entered into a cooperation and support agreement with its two largest stockholders, Alexander Kinzler, who beneficially owns approximately 9.3% of the company’s outstanding common stock, and MRMP-Managers, Ned L. Sherwood Revocable Trust, and Ned L. Sherwood, – the MRMP Stockholders – who beneficially own approximately 19.6% of the company’s outstanding common stock. The agreement extends for two years the standstill terms of the previous agreement with the MRMP Stockholders in 2021, ending the potential of a proxy contest at the 2023 annual meeting of stockholders. Among other things, the company has agreed to promptly appoint Joshua Horowitz and Laurance Narbut to serve on its Board. Horowitz is a Portfolio Manager at Palm Management. He has held senior positions at Inverlochy Capital, an asset management firm, and Berggruen Holdings, the family office of Nicolas Berggruen. Narbut is the founder and Managing Partner of Acceleration Resources. The company has agreed to nominate Kinzler, Barnwell’s CEO and President, Kenneth Grossman, Douglas Woodrum, and Horowitz and Narbut as candidates for election to the Board at the 2023 and 2024 annual meeting of stockholders and 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’s slate at the 2023 and 2024 Annual Meetings. The company also has terminated the Tax Benefits Preservation Plan.