Company: BWXT
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0001486957-25-000016
Chunk: 46

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 46
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 Instead, the change-in-control agreements contain a “modified cutback” provision, which acts to reduce the benefits payable to an executive to the extent necessary so that no excise tax would be imposed on the benefits paid, but only if doing so would result in the executive retaining a larger after-tax amount. The provision was included with the intent of benefiting the Company by seeking to preserve the tax deductibility of the benefits paid under the agreement, without compromising the objectives for which the agreement was approved.

See the “Potential Payments Upon Termination or Change in Control” tables under “Compensation of Executive Officers” below and the accompanying disclosures for more information regarding the change in control agreements with our Named Executives, events considered to be change in control events and other plans and arrangements that have different trigger mechanisms relating to a change in control.

### OTHER COMPENSATION POLICIES AND PRACTICES
Stock Ownership Guidelines . We maintain stock ownership guidelines for our executives and non-management directors. These guidelines establish minimum stock ownership levels of two to five times annual base salary for our executives, and five times annual base retainer for non-management directors. Below are the minimum ownership levels for our non-management directors and Named Executives:

• Non-management Directors – Five times (5x) annual base retainer

• Chief Executive Officer – Five times (5x) annual base salary

• Other Named Executives – Three times (3x) annual base salary

Directors and executives have five years to achieve their respective minimum ownership levels. No executive or director is authorized to sell any shares of our common stock (other than to satisfy applicable withholding tax obligations resulting from a transaction involving such stock or to cover the exercise price of stock options) unless they have met their respective guideline. The Governance Committee annually reviews the compliance with these guidelines and has discretion to waive or modify the stock ownership guidelines for directors and executives. All of our directors and Named Executives have achieved, or are in the process of achieving, their minimum ownership levels in accordance with the stock ownership guidelines.

Timing of Stock and Option Awards . The Compensation Committee generally approves our annual executive stock-based awards, including stock options, for grant in February at its regularly scheduled meeting with the award date being effective as of the second business day following the filing of our annual report on Form 10-K with the SEC. On limited occasions, stock grants may be made on an interim basis, primarily for the purpose of approving a compensation package for a newly hired or promoted executive. These grants are typically made at the