Company: BWNB
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001104659-25-034242
Chunk: 65

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 65
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 company matching account and company service-based account. Benefits under the Restoration Plan are based on a participant’s vested percentage in his or her notional account balance at the time of distribution. Each participant generally vests 100% in his or her company matching account and company service-based account upon completing three years of service with the Company, subject to accelerated vesting for death, disability, termination by the Company without cause or retirement, or on a change in control. Under this plan, each participant elects to have his or her notional accounts hypothetically invested in one or more of the investment funds designated by the Compensation Committee. Each participant’s notional accounts are credited and debited to reflect gains and losses on the hypothetical investments. Effective July 1, 2018, the Company discontinued any further service-based contributions to the Restoration Plan. In November 2019, the Compensation Committee elected to freeze all employee deferrals and Company contributions to the Restoration Plan with respect to compensation earned for services beginning on or after January 1, 2020. Effective March 7, 2024 this plan was closed and all balances were paid out. DEFERRED RESTRICTED STOCK UNITS UNDER LTIP Under the terms of the 2015 LTIP and 2021 LTIP, the Compensation Committee has the discretion to permit selected participants to defer all or a portion of their stock awards. These deferred RSUs will be paid by the Company in the form of Company common stock on the deferred payment date. As noted above, no NEOs elected to defer any RSUs during 2024 or held any outstanding deferred RSUs as of December 31, 2024. Potential Payments Upon Termination or Change In Control The following table shows potential payments to our NEOs who were employed with us on December 31, 2024 under existing contracts, agreements, plans or arrangements for various scenarios under which a payment would be due in the event of a change in control or termination of employment of our NEOs, assuming a December 31, 2024 termination date. Where applicable, the amounts listed below use the closing price of the Company’s common stock of $1.64 (as reported on the NYSE) on of December 31, 2024 (the last trading date of the fiscal year). These tables do not reflect amounts that would be payable to the NEOs pursuant to benefits or awards that are already vested. Mr. Salamone is not included in the following table as his last day of employment with the Company was December