Barnwell appoints Philip Patman EVP-Finance, Board member; CFO Russell Gifford to retire by year-end 2025

BARNWELL INDUSTRIES INC

Philip Patman named EVP-Finance on Oct 27, 2025; expected to become CFO after Russell Gifford's retirement.
Board expanded from 4 to 5 directors; Patman appointed to fill the new seat.
Patman receives initial equity awards: 83,207 shares, 83,208 RSUs, and 185,000 options at $1.21 strike.
Base salary set at $315,000; eligible for annual cash bonus (30-100% of base) and performance stock bonus up to $75,000.
Annual long-term incentive target of $350,000; severance provisions include 50% (regular) or 100% (CIC) of base, bonus, and insurance.

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