Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 40

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 40
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 therefor, and the shares of the Series A Preferred Stock shall not be entitled
to participate in any such dividend.

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Liquidation Preference

In the event of our voluntary
or involuntary liquidation, dissolution or winding up of our affairs, the holders of shares of Series A Preferred Stock will be
entitled to be paid out of our assets legally available for distribution to our stockholders (i.e., after satisfaction of all
our liabilities to creditors, if any) and, subject to the rights of holders of any shares of each other class or series of capital stock
ranking, as to rights to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up senior to
the Series A Preferred Stock, a liquidation preference of $25.00 per share, plus an amount equal to any accumulated and unpaid dividends
to the date of payment (whether or not declared), before any distribution or payment may be made to holders of shares of common stock
or any other class or series of our capital stock ranking, as to rights to the distribution of assets upon any voluntary or involuntary
liquidation, dissolution or winding up, junior to the Series A Preferred Stock (the “liquidation preference”).

If, upon our voluntary or
involuntary liquidation, dissolution or winding up of our affairs, our assets legally available for distribution to our stockholders
are insufficient to pay the full amount of the liquidation preference on all outstanding shares of Series A Preferred Stock and
the corresponding amounts payable on all shares of each other class or series of our capital stock ranking, as to rights to the distribution
of assets upon any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred Stock,
then the holders of the Series A Preferred Stock and each such other class or series of our capital stock ranking, as to rights
to the distribution of assets any voluntary or involuntary liquidation, dissolution or winding up, on parity with the Series A Preferred
Stock will share ratably in any distribution of assets in proportion to the full liquidation preference to which they would otherwise
be respectively entitled. In any such distribution, the “liquidation preference” of any holder of our capital stock other
than the Series A Preferred Stock means the amount otherwise payable to such holder in such distribution (assuming no limitation
on our assets available for such distribution), including an amount equal to any declared but unpaid dividends in the case of any holder
of stock on which dividends accrue on a non-c