Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 62

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 62
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 to those persons purchasing
the fractional shares of preferred stock in accordance with the terms of the offering. The deposit agreement will also contain provisions
relating to the manner in which any subscription or similar rights we offer to holders of the preferred stock will be made available
to the holders of depositary shares.

The following description
is a general summary of some common provisions of a depositary agreement and the related depositary receipts. The description below and
in any prospectus supplement does not include all of the terms of the depositary agreement and the related depositary receipts. Copies
of the form of depositary agreement and the depositary receipts relating to any particular issue of depositary shares will be filed with
the SEC each time we issue depositary shares, and you should read those documents for provisions that may be important to you. For more
information on how you can obtain copies of the forms of the depositary agreement and the related depositary receipts, see “Where
You Can Find More Information.”

Dividends and Other Distributions

If we pay a cash distribution
or dividend on a series of preferred stock represented by depositary shares, the bank depositary will distribute these dividends to the
record holders of these depositary shares. If the distributions are in property other than cash, the bank depositary will distribute
the property to the record holders of the depositary shares. However, if the bank depositary determines that it is not feasible to make
the distribution of property, the bank depositary may, with our approval, sell this property and distribute the net proceeds from this
sale to the record holders of the depositary shares.

Redemption of Depositary Shares

If we redeem a series of
preferred stock represented by depositary shares, the bank depositary will redeem the depositary shares from the proceeds received by
the bank depositary in connection with the redemption. The redemption price per depositary share will equal the applicable fraction of
the redemption price per share of the preferred stock. If fewer than all the depositary shares are redeemed, the depositary shares to
be redeemed will be selected by lot or pro rata as the bank depositary may determine.

Voting the Preferred Stock

Upon receipt of notice of
any meeting at which the holders of the preferred stock represented by depositary shares are entitled to vote, the bank depositary will
mail the notice to the record holders of the depositary shares relating to the preferred stock. Each record holder of these depositary
shares on the record date (which will