Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 54

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 54
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 as amended, including the terms of the Series A Preferred Stock,        
 whether by merger, consolidation, transfer or conveyance of all or substantially all of our assets or otherwise, so as to materially 
 and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock, taken as a whole.         |

If any event described in the second bullet point
above would materially and adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock,
taken as a whole, disproportionately relative to any other class or series of voting preferred stock, the affirmative vote of the holders
of at least two-thirds of the outstanding shares of the Series A Preferred Stock, voting as a separate class, will also be required.
Furthermore, if holders of shares of the Series A Preferred Stock receive the $25.00 per share of the Series A Preferred Stock
liquidation preference plus all accrued and unpaid dividends thereon or greater amounts pursuant to the occurrence of any of the events
described in the second bullet point immediately above, then such holders shall not have any voting rights with respect to the events
described in the second bullet point immediately above.

The following actions are
not deemed to materially and adversely affect the rights, preferences, powers or privileges of the Series A Preferred Stock:

| · | any increase in the amount                                                                                                        
 of our authorized common stock or preferred stock or the creation or issuance of capital stock of any class or series ranking, as 
 to dividends (whether cumulative or not) or the distribution of assets upon our liquidation, dissolution or winding up, on parity 
 with, or junior to, the Series A Preferred Stock; or                                                                              |

| · | the amendment, alteration                                                                                                                   
 or repeal or change of any provision of our restated certificate of incorporation, as amended, including the certificate of designations    
 establishing the Series A Preferred Stock, as a result of a merger, consolidation, reorganization or other business combination,            
 if (A) the shares of the Series A Preferred Stock remain outstanding or, in the case of any such merger or consolidation                    
 with respect to which we are not the surviving or resulting entity, the shares of Series A Preferred Stock are converted into               
 or exchanged for preference securities of the surviving or resulting entity or its ultimate parent, and (B) such shares remaining           
 outstanding or such preference securities, as the case may be, have such rights, preferences, privileges and voting powers, and limitations 
 and restrictions thereof, taken as a whole, as are not materially less