Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 69

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 69
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 same. As used
in this paragraph, “full dividends” means, as to any class or series of our capital stock that ranks on parity with the Series A
Preferred Stock with respect to dividends that bears dividends on a cumulative basis, the amount of dividends that would need to be declared
and paid to bring such class or series of our capital stock that ranks on parity with the Series A Preferred Stock with respect
to dividends current in dividends, including undeclared dividends for past dividend periods. To the extent a dividend period with respect
to the Series A Preferred Stock or any class or series of our capital stock that ranks on parity with the Series A Preferred
Stock with respect to dividends (in either case, the “first series”) coincides with more than one dividend period with respect
to another series as applicable (in either case, a “second series”), then, for purposes of this paragraph, our board of directors
(or a duly authorized committee of our board of directors) may, to the extent permitted by the terms of each affected series, treat such
dividend period for the first series as two or more consecutive dividend periods, none of which coincides with more than one dividend
period with respect to the second series, or may treat such dividend period(s) with respect to any class or series of our capital
stock that ranks on parity with the Series A Preferred Stock with respect to dividends and dividend period(s) with respect
to the Series A Preferred Stock for purposes of this paragraph in any other manner that it deems to be fair and equitable in order
to achieve ratable payments of dividends on such class or series of our capital stock that ranks on parity with the Series A Preferred
Stock with respect to dividends and the Series A Preferred Stock.

Subject to the foregoing,
dividends (payable in cash, stock or otherwise) as may be determined by our board of directors (or a duly authorized committee of our
board of directors) may be declared and paid on any 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 from time to time out of any funds legally available 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