Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 67

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 67
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 dividends in excess of the full cumulative dividends described above. Any dividend payment made on
the Series A Preferred Stock shall first be credited against the earliest accumulated but unpaid dividends due with respect to those
shares.

Restrictions on Dividends, Redemption and Repurchases

So long as any share of the Series A Preferred
Stock remains outstanding, unless we also have either paid or declared and set apart for payment full cumulative dividends on the Series A
Preferred Stock for all past completed dividend periods, we will not during any dividend period:

| · | pay or declare and set                                                                                                               
 apart for payment any dividends or declare or make any distribution of cash or other property on common stock or other capital stock 
 that ranks junior to or on parity with the Series A Preferred Stock with respect to dividend rights and rights to the distribution   
 of assets upon our voluntary or involuntary liquidation, dissolution or winding up (other than, in each case, (a) a dividend         
 paid in common stock or other stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights        
 to the distribution of assets upon our voluntary or involuntary liquidation, dissolution or winding up or (b) any declaration        
 of a common stock dividend in connection with any stockholders’ rights plan, or the issuance of rights, stock or other property      
 under any stockholders’ rights plan, or the redemption or repurchase of rights pursuant to the plan);                                |

| · | redeem, purchase or otherwise                                                                                                            
 acquire common stock or other capital stock that ranks junior to or on parity with the Series A Preferred Stock (other than              
 the Series A Preferred Stock) with respect to dividend rights and rights to the distribution of assets upon our voluntary or             
 involuntary liquidation, dissolution or winding up (other than (a) by conversion into or exchange for common stock or other              
 capital stock ranking junior to the Series A Preferred Stock with respect to dividend rights and rights to the distribution              
 of assets upon our voluntary or involuntary liquidation, dissolution or winding up, (b) the redemption of shares of our stock            
 pursuant to the provisions of our charter relating to the restrictions upon ownership and transfer of our stock, (c) a purchase          
 or exchange offer made on the same terms to holders of all outstanding shares of Series A Preferred Stock and any other capital          
 stock that ranks on parity with the Series A Preferred Stock with respect to dividend rights and rights to the distribution              
 of assets upon our voluntary or involuntary liquidation, dissolution or winding up, (d) purchases, redemptions