Company: BWNB
Filing Date: 2025-04-11
Form Type: PRE 14A
Source: 0001104659-25-034242
Chunk: 29

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-04-11
Form: PRE 14A
Chunk 29
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 to such benefits. Mr. Young, our Chairman and Chief Executive Officer, served as the President of B. Riley from July 2018 to September 2024. Mr. Young also served as the Chief Executive Officer of B. Riley Principal Investment, an affiliate of B. Riley Financial, Inc., from October 2016 to September 2024. From November 2018 until September 20, 2024, the services of Mr. Young as Chief Executive Officer of the Company were provided by B. Riley pursuant to a consulting agreement with BRPI Executive Consulting, LLC (“BRPI LLC” and such consulting agreement, the “BRPI Consulting Agreement”), an affiliate of B. Riley. The Company and BRPI LLC agreed on September 20, 2024 that the term of such services to the Company under the BRPI Consulting Agreement would terminate as of that date. We made total payments of $500,000 to BRPI LLC in 2024 pursuant to the BRPI Consulting Agreement. In 2022, the Company paid BRPI LLC a $1,000,000 retention bonus (for the services of BRPI LLC and Mr. Young) that was scheduled to vest in 36 monthly installments beginning March 2022 and ending with February 2025. Such award fully vested based on the services provided by BRPI LLC and then the services provided by OpenSky, LLC and Mr. Young through February 2025 vesting date, and BRPI LLC agreed to pay Mr. Young the portion of the retention bonus that corresponded to the period of time services were provided to the Company directly by OpenSky, LLC or Mr. Young. On September 20, 2024, the Company entered into an Independent Contractor Agreement (the “OpenSky Consulting Agreement”) with OpenSky, LLC (“OpenSky”), an entity wholly-owned by Mr. Young. The OpenSky Consulting Agreement provided for Mr. Young’s continued service as the Company’s Chief Executive Officer commencing with the termination of the services pursuant to the BRPI Consulting Agreement on September 20, 2024 and continuing through December 31, 2028 (subject to earlier termination by either party giving at least 30 days’ advance notice of termination to the other party). The OpenSky Consulting Agreement provided that, while Mr. Young was serving as the Company’s Chief Executive Officer during the term of the OpenSky Consulting Agreement, the Company would pay OpenSky a consulting fee at an annual rate of $800,000. If the Company terminated Mr