Company: BWNB
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001104659-25-034242
Chunk: 45

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 45
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 straight-line basis for performance between these levels, and no payment made if performance fell below the threshold level. In setting target bonus opportunities, the Compensation Committee considers, among other things, comparability to compensation practices and compensation data from companies with whom we compete for executive talent from the engineering and construction, aerospace and defense, heavy electrical equipment and industrial machinery industries, our financial resources, our contractual obligations to our NEO’s and certain third party service providers, as well as the level of experience and expertise of individuals. No particular weight is assigned to any individual item. The Compensation Committee set the following target bonus levels for our NEOs under the 2024 AIP: Mr. Young — $750,000, Mr. Salamone — $393,750, Mr. Morgan — $192,500, Mr. Dziewisz — $157,500, and Mr. Riker — $148,750. The Compensation Committee believes that our forecasting process produces rigorous goals that are challenging, yet attainable if the businesses perform as expected. As a result, the Compensation Committee set the threshold, target and maximum levels of adjusted EBITDA (determined after taking into account the payment of bonuses) for purposes of the 2024 AIP at $101 million, $110 million, and $112 million, respectively. In early 2025, our Compensation Committee reviewed our 2024 financial performance results and determined that for purposes of our AIP, our adjusted EBITDA was $68.9 million (additional information regarding adjusted EBITDA can be found in Appendix A). Accordingly, we did not achieve the threshold adjusted EBITDA goal for 2024 under the AIP, and as a result the 2024 AIP payout percentage was determined to be 0% for all participants. LONG-TERM CASH INCENTIVE AWARDS On May 02, 2023, the Compensation Committee approved and established a long-term cash incentive structure for certain eligible employees including all of the NEOs. On May 6, 2024 the Compensation Committee terminated the 2023 long-term cash incentive plan and replaced it with a 2024 long-term cash incentive plan to better align with the Compensation Committee’s views of the Company’s performance at that time. The 2024 long-term cash incentive plan is designed to incentivize growth in our adjusted EBITDA over the two-year performance period covered by the awards (2024 and 2025). Each recipient of a long-term cash incentive award has a bonus opportunity based