Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 93

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 93
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 represented by such depositary shares in accordance with these instructions, and
we will take all action which the bank depositary deems necessary in order to enable the bank depositary to do so. The bank depositary
will abstain from voting shares of the preferred stock to the extent it does not receive specific instructions from the holders of depositary
shares representing this preferred stock.

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Amendment and Termination of the Depositary Agreement

The form of depositary receipt
evidencing the depositary shares and any provision of the depositary agreement may be amended by agreement between the bank depositary
and us. However, any amendment that materially and adversely alters the rights of the holders of depositary shares will not be effective
unless this amendment has been approved by the holders of at least a majority of the depositary shares then outstanding. The depositary
agreement may be terminated by the bank depositary or us only if:

| · | all outstanding depositary shares have been redeemed; 
 or                                                    |

| · | there has been a final                                                                                                               
 distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding up of our company and this 
 distribution has been distributed to the holders of depositary receipts.                                                             |

Charges of Bank Depositary

We will pay all transfer
and other taxes and governmental charges arising solely from the existence of the depositary arrangements. We will pay charges of the
bank depositary in connection with the initial deposit of the preferred stock and any redemption of the preferred stock. Holders of depositary
receipts will pay other transfer and other taxes and governmental charges and any other charges, including a fee for the withdrawal of
shares of preferred stock upon surrender of depositary receipts, as are expressly provided in the depositary agreement to be for their
accounts.

Withdrawal of Preferred Stock

Except as may be provided
otherwise in the applicable prospectus supplement, upon surrender of depositary receipts at the principal office of the bank depositary,
subject to the terms of the depositary agreement, the owner of the depositary shares may demand delivery of the number of whole shares
of preferred stock and all money and other property, if any, represented by those depositary shares. Fractional shares of preferred stock
will not be issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number
of depositary shares representing the number of whole shares of preferred stock to be withdrawn, the bank depositary will deliver