Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 89

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 89
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quirers to forego hostile or coercive tender offers and negotiate terms that are fair to all stockholders
with our board of directors. Our board of directors believes that the provisions described below will (1) discourage disruptive
tactics and takeover attempts at unfair prices or on terms that do not provide all stockholders with the opportunity to sell their stock
at a fair price and (2) encourage third parties who may seek to acquire control of our company to initiate such an acquisition through
negotiations directly with our board of directors. Our board of directors also believes these provisions will help give it the time necessary
to evaluate unsolicited offers, as well as appropriate alternatives, in a manner that assures fair treatment of our stockholders. Our
board of directors recognizes that a takeover might in some circumstances be beneficial to some or all of our stockholders, but, nevertheless,
believes that the benefits of seeking to protect its ability to negotiate with the proponent of an unfriendly or unsolicited proposal
to take over or restructure our company outweigh the disadvantages of discouraging those proposals.

Our certificate of incorporation
provides that our stockholders may act only at an annual or special meeting of stockholders and may not act by written consent. Our bylaws
provide that only a majority of our board of directors or the chairman of our board of directors may call a special meeting of our board
of directors or our stockholders.

Our certificate of incorporation
provides for a classified board of directors. Our board of directors is divided into three classes, with the directors of each class
as nearly equal in number as possible. At each annual meeting of our stockholders, the term of a different class of our directors expires.
As a result, our stockholders elect approximately one-third of our board of directors each year. This system of electing and removing
directors may discourage a third party from making a tender offer or otherwise attempting to obtain control of us, because it generally
makes it more difficult for stockholders to replace a majority of the directors.

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Our certificate of incorporation
provides that the number of directors will be fixed exclusively by, and may be increased or decreased exclusively by, our board of directors
from time to time, but will not be less than three. Our certificate of incorporation provides that directors may be removed only with
cause or upon a board determination (as such terms are defined in our certificate of incorporation) and, in either case, by a vote of
at least 80% of the