ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip code)
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Title of each class
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Trading Symbols(s)
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Name of each exchange on which registered
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Large accelerated filer ☐
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Accelerated filer ☐
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Smaller reporting company
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Emerging growth company
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Page
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1
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ITEM 10.
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1
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ITEM 11.
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3
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ITEM 12.
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6
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ITEM 13.
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7
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ITEM 14.
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7
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8
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ITEM 1.
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8
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ITEM 10. |
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
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Name
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Position Held with the Company
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Age
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Kenneth S. Grossman 1, 3A, 4
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Director, Chairman of the Board of Directors
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67
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Joshua S. Horowitz 1, 3, 4A
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Director
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46
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Alexander C. Kinzler 2A
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Chief Executive Officer, President, Chief Operating Officer, General Counsel and Director
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65
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Laurance E. Narbut 2
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Director
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52
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Douglas N. Woodrum 1A, 2, 3, 4
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Director
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66
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1A Chair of the Audit Committee
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1 Member of the Audit Committee
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2A Chair of the Reserves Committee
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2 Member of the Reserves Committee
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3A Chair of the Compensation Committee
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3 Member of the Compensation Committee
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4A Chair of the Nominating Committee
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4 Member of the Nominating Committee
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Name
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Age
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Position with the Company
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Alexander C. Kinzler
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65
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Chief Executive Officer since December 2016. President and Chief Operating Officer since December 2002 and General Counsel since December
2001. Director of the Company since December 1999.
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Russell M. Gifford
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69
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Secretary since December 2002, Executive Vice President since December 1997, Treasurer since November 1986 and Chief Financial Officer since August 1985. President of Water Resources
International, Inc., a wholly-owned subsidiary of the Company, since December 1999.
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ITEM 11. |
EXECUTIVE COMPENSATION
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Name and Principal
Position
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Year
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Salary
($)
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Bonus
($)
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Option
Awards
($)
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Non-
Equity
Incentive
Plan
Compensation
($)
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All Other
Compen-
sation ($)3
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Total ($)
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Alexander C. Kinzler
Chief Executive Officer, President and General Counsel
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2023
2022
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253,750
280,000
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37,500
-
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-
-
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85,000
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37,059
44,070
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328,309
409,070
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Russell M. Gifford
Executive Vice President, Chief Financial Officer, Treasurer and Secretary
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2023
2022
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280,000
280,000
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33,750
85,000
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-
-
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-
-
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-
-
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313,750
365,000
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Option Awards
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Name
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Number of
Securities
Underlying
Unexercised
Options
(#) Exercisable
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Number of Securities
Underlying Unexercised
Options
(#) Unexercisable
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Option Exercise
Price ($)
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Option
Expiration
Date
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Alexander C. Kinzler
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40,000 shares of Common Stock
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20,000 shares of Common Stock4
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3.66
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02/2026
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Russell M. Gifford
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40,000 shares of Common Stock
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20,000 shares of Common Stock4
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3.33
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02/2031
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3
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This amount represents directors’ fees and perquisites received with respect to medical insurance.
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4
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Subject to the conditions set forth in the option, 33 1/3% of the option shall become vested and exercisable on each of the first 3 anniversaries of the
grant date of February 9, 2021.
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Name
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Fees Earned or
Paid in Cash ($)
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Stock Awards ($)
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All Other
Compensation5 ($)
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Total ($)
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Kenneth S. Grossman
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94,998
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84,6266
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3,750
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183,374
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Joshua S. Horowitz
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31,000
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24,6267
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-
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55,626
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Francis J. Kelly8
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12,000
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-
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-
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12,000
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Philip J. McPherson9
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16,500
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-
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3,750
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20,250
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Peter J. O’Malley10
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21,000
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-
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3,750
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24,750
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Laurance E. Narbut
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31,000
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24,6267
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-
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55,626
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Bradley M. Tirpak11
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18,000
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-
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-
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18,000
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Douglas N. Woodrum
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70,499
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54,62612
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-
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125,125
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ITEM 12. |
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
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Name and Address of Beneficial Owner
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Amount and Nature of
Beneficial Ownership13
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Percent
Of Class
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Joseph E. Magaro
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401 Riversville Road
Greenwich, Connecticut
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867,544
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8.7%
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Ned L. Sherwood
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4731 North Highway A1A, Suite 213
Vero Beach, Florida
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2,767,45414
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27.7%
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Alexander C. Kinzler
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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999,50015
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9.8%
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Joshua S. Horowitz
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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264,84516
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2.6%
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Douglas N. Woodrum
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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170,69115
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1.7%
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Russell M. Gifford
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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160,00015
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1.6%
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Kenneth S. Grossman
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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117,05615
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1.1%
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Laurance E. Narbut
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1100 Alakea Street, Suite 500
Honolulu, Hawaii
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9,328
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*
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All directors and executive officers as a group (6 persons)
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1,721,42015
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16.8%
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*
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Represents less than 1% of the outstanding shares of Common Stock of the Company.
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ITEM 13. |
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
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ITEM 14. |
PRINCIPAL ACCOUNTING FEES AND SERVICES
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ITEM 1. |
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
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(a) |
The following documents are filed as part of this report:
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(1) |
Exhibits. The exhibits listed in the Index to Exhibits of the Original Filing, which was filed with the SEC on December 18, 2023, and the exhibits listed in the Index to Exhibits of this Amendment are filed with, or incorporated by
reference in this report.
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BARNWELL INDUSTRIES, INC.
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Dated: January 25, 2024
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By:
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/s/ Alexander C. Kinzler
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Alexander C. Kinzler
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President, Chief Executive Officer, Chief Operating Officer, General Counsel and Director
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Dated: January 25, 2024
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By:
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/s/ Russell M. Gifford
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Russell M. Gifford
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Executive Vice President, Chief Financial Officer, Treasurer, Secretary
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Dated: January 25, 2024
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By:
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/s/ Kenneth S. Grossman
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Kenneth S. Grossman
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Director
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Dated: January 25, 2024
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By:
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/s/ Joshua S. Horowitz
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Joshua S. Horowitz
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Director
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Dated: January 25, 2024
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By:
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/s/ Laurance E. Narbut
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Laurance E. Narbut
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Director
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Dated: January 25, 2024
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By:
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/s/ Douglas N. Woodrum
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Douglas N. Woodrum
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Director
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Exhibit No.
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Description of Exhibit
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Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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1. |
I have reviewed this annual report on Form 10-K/A (Amendment No. 1) of Barnwell Industries, Inc.; and
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this report.
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Date: January 25, 2024
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/s/ Alexander C. Kinzler
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Alexander C. Kinzler
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President, Chief Executive Officer,
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Chief Operating Officer, General Counsel and Director
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1. |
I have reviewed this annual report on Form 10-K/A (Amendment No. 1) of Barnwell Industries, Inc.; and
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2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report.
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Date: January 25, 2024
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/s/ Russell M. Gifford
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Russell M. Gifford
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Executive Vice President,
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Chief Financial Officer
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