Company: BWXT
Filing Date: 2025-03-19
Form Type: DEF 14A
Source: 0001486957-25-000016
Chunk: 68

Company: BWX Technologies, Inc.
Filing Date: 2025-03-19
Form: DEF 14A
Chunk 68
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 months (30 months for Mr. Geveden) following a change in control either (i) by the Company for any reason other than cause or death or disability; or (ii) by the Named Executive for good reason, the Named Executive is entitled to receive:

• accelerated vesting in the executive’s ERSP account;

• accelerated vesting in any outstanding equity awards;

• the cash severance payment (discussed above);

• a prorated target EICP payment and payment of the prior year’s EICP payment, if unpaid at termination; and

• a cash payment for health benefits coverage.

The change in control agreements do not provide any tax reimbursement on the benefits. Instead, the agreements contain a “modified cutback” provision, which acts to reduce the benefits payable to a Named 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 Named Executive retaining a larger after-tax amount.

Under the Company’s change in control agreements, a “change in control” will be deemed to have occurred on the occurrence of any of the following:

• Any person, other than an ERISA-regulated pension plan established by the Company or its affiliates makes an acquisition of outstanding voting stock and is, immediately thereafter, the beneficial owner of 30% or more of the then outstanding voting stock, unless such acquisition is made directly from the Company in a transaction approved by a majority of the incumbent directors; or any group is formed that is the beneficial owner of 30% or more of the outstanding voting stock (other than a group formation for the purpose of making an acquisition directly from the Company and approved (prior to such group formation) by a majority of the incumbent directors);

• individuals who are incumbent directors cease for any reason to constitute a majority of the members of the board of directors;

• consummation of a business combination unless, immediately following such business combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the outstanding voting stock immediately before such business combination beneficially own, directly or indirectly, more than 51% of the then outstanding shares of voting stock of the parent corporation resulting from such business combination in substantially the same relative proportions as their ownership, immediately before such business combination, of the outstanding voting stock, (2) if the business combination involves the issuance or payment by the Company of consideration to another entity or its stockholders, the total fair market value of such consideration plus the principal amount of the