Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 65

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 65
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as well as any preferred equity interests held by others in) our existing or future subsidiaries.                  |

We may issue junior capital
stock described in (1) above and parity capital stock described in (2) above at any time and from time to time in one or more
series without the consent of the holders of the Series A Preferred Stock. Our ability to issue any senior capital stock described
in (3) above is limited as described under “—Limited Voting Rights.”

Dividends

Subject to the preferential
rights, if any, of the holders of any class or series of capital stock of the Corporation ranking senior to the Series A Preferred
Stock as to dividends, holders of Series A Preferred Stock will be entitled to receive, when, as and if declared by our board of
directors (or a duly authorized committee of our board of directors), only out of funds legally available for the payment of dividends,
cumulative cash dividends at the annual rate of 7.75% of the $25.00 liquidation preference per year (equivalent to $1.9375 per year).
A “dividend period” is the period from and including a dividend payment date (as defined below) and continuing to, but excluding,
the next succeeding dividend payment date. Dividends on the Series A Preferred Stock will accumulate and be cumulative from, and
including, the issue date for each such share of Series A Preferred Stock.

Dividends, when, as and if
declared by our board of directors (or a duly authorized committee of our board of directors), will be payable quarterly in arrears on
March 31, June 30, September 30 and December 31, each of which we refer to as a “dividend payment date”;
provided that if any dividend payment date is not a business day, as defined in the certificate of designations with respect to the Series A
Preferred Stock, then such date will nevertheless be a dividend payment date but the dividend which would otherwise have been payable
on that dividend payment date, when, as and if declared, will be paid on the next succeeding business day and no interest, additional
dividends or other sums will accumulate on the amounts so payable for the period from and after that dividend payment date to that next
succeeding business day.

Any dividend, including any
dividend payable on the Series A Preferred Stock for any dividend period (or portion thereof) will be computed on the basis of a
360-day year consisting of