Company: BWXT
Filing Date: 2025-05-08
Form Type: 8-K
Source: 0001486957-25-000035
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Company: BWX Technologies, Inc.
Filing Date: 2025-05-08
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

The Board of Directors of BWX Technologies, Inc. (the “ Company”) approved a special grant of performance restricted stock units (“ PSU”) and non-qualified performance stock options (“ NQPSO”) to Rex D. Geveden, President and Chief Executive Officer, on May 7, 2025 with a target value of $5.5 million. This award is intended to further incentivize long-term shareholder value creation and contains aggressive performance hurdles that must be met to generate payouts under the terms of the award. The PSU component of the award, with a grant date fair value of $2.2 million, will cliff vest on December 31, 2027, subject to the achievement of cumulative revenue (50%) and EBITDA margin expansion (50%) targets for the performance period January 1, 2025 through December 31, 2027 (the “ First Performance Period”). The number of PSUs earned will be based on the level of performance achieved during the First Performance Period with potential payouts ranging from 0% to 150% on each metric. The terms of the PSU award agreement are largely consistent with the Company’s prior PSU award agreements with the exclusion of retirement-related vesting provisions that would otherwise be applicable to Mr. Geveden. The NQPSO component of the award, with a grant date fair value of $3.3 million, will cliff vest on December 31, 2027, subject to the achievement of total shareholder return relative to the S& P Aerospace and Defense Select Index for the performance period May 7, 2025 through December 31, 2027 (the “ Second Performance Period”). The number of NQPSOs earned will be based on the level of performance achieved during the Second Performance Period with potential payouts ranging from 0% to 150%. The forms of NQPSO and PSU award agreements are included as Exhibits 10.1 and 10.2, respectively, to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the Securities and Exchange Commission ("SEC") on May 5, 2025 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.