Company: BWNB
Filing Date: 2025-04-21
Form Type: DEF 14A
Source: 0001104659-25-036850
Chunk: 68

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-21
Form: DEF 14A
Chunk 68
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 such termination of employment occurs on or within two years after a Change in Control of the Company); and (6) as to each outstanding equity-based award granted by the Company to Mr. Young that is subject to performance-based vesting requirements, Mr. Young’s employment with the Company will be deemed to have continued for one year after his separation date (except that, if such termination of employment occurs on or within two years after a Change in Control of the Company, any service-based vesting requirement under the award will be deemed satisfied in full but the performance-based vesting measurement will still apply and will be treated as provided in the applicable award agreement). Mr. Young’s receipt of the separation benefits described above is conditioned on Mr. Young delivering a release of claims in favor of the Company. Mr. Young is not entitled to a tax gross-up payment if any of his benefits are subject to excise taxes under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended, and Mr. Young’s benefits will be reduced, to the extent necessary to avoid such excise taxes, if such a reduction in Mr. Young’s benefits would put Mr. Young in a better after-tax position than receiving the benefits in full. The Employment Agreement also provides that Mr. Young will repay (or will cause OpenSky, LLC to repay) to the Company a pro-rated portion of the signing bonus previously paid to OpenSky, LLC pursuant to the Company’s Consulting Agreement with OpenSky, LLC if, before September 20, 2027, Mr. Young’s employment with the Company is terminated either by the Company for cause or voluntarily by Mr. Young. EXECUTIVE EMPLOYMENT AGREEMENTS — Mr. Salamone Under Mr. Salamone’s employment agreement dated November 19, 2018 in the event Mr. Salamone’s employment with the Company had been terminated before December 31, 2024 by the Company other than for “cause” or by the executive for “good reason” (as such terms were defined in the agreement), Mr. Salamone would have been entitled to continuation of base salary for a period of 52 weeks. Receipt of the severance benefits under the employment agreement would have been subject to the executive delivering a general release of claims and agreeing to certain non-compete, nondisclosure and other restrictive covenants. The employment agreement did not provide for enhanced severance protection in the event of a termination of employment following a change in control. EXECUT