Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 81

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 81
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 of such
shares will be entitled to receive on the applicable Redemption Date $25.00 per share, plus all dividends accumulated and unpaid (whether
or not declared) on the Series A Preferred Stock up to, but not including, the date of such redemption. See “— Optional
Redemption” and “— Special Optional Redemption.”

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We will take commercially
reasonable efforts to deliver the applicable Conversion Consideration no later than the third business day following the Delisting Event
Conversion Date or the Change of Control Conversion Date, as applicable.

In connection with the exercise
of any Delisting Event Conversion Right or Change of Control Conversion Right, as applicable, we will comply with all applicable federal
and state securities laws and stock exchange rules in connection with any conversion of Series A Preferred Stock into our common
stock.

The Delisting Event Conversion
Right or Change of Control Conversion Right, as applicable, may make it more difficult for a third party to acquire us or discourage
a party from acquiring us.

Shares of the Series A
Preferred Stock are not convertible into or exchangeable for any other securities or property, except as provided above.

Limited Voting Rights

Holders of the Series A
Preferred Stock shall not have any voting rights, except as set forth in this section or as otherwise required by law. In any matter
in which the Series A Preferred Stock may vote (as expressly provided herein or as may be required by law), each share of Series A
Preferred Stock shall be entitled to one vote per $25.00 of liquidation preference; provided that if the Series A Preferred Stock
and any other stock ranking on parity to the Series A Preferred Stock as to dividend rights and rights as to the distribution of
assets upon our liquidation, dissolution or winding up are entitled to vote together as a single class on any matter, the holders of
each will vote in proportion to their respective liquidation preferences.

Right to Elect Two Directors on Nonpayment of Dividends

Whenever dividends on any
shares of the Series A Preferred Stock, or any other voting preferred stock (as defined below), shall have not been declared and
paid for six full quarterly dividend payments, whether or not for consecutive dividend periods (a “nonpayment”), the holders
of such shares, voting together as a class with holders of any and all other series of voting preferred stock then outstanding, will
be entitled to vote for the election of a total of two additional members of our board of directors (the “preferred stock directors”),
provided that