Company: BWNB
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001104659-25-106685
Chunk: 68

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-11-05
Form: 424B5
Chunk 68
---
 or other acquisitions     
 of shares of our 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 pursuant to any employment contract, 
 dividend reinvestment and stock purchase plan, benefit plan or other similar arrangement with or for the benefit of employees, officers, 
 directors, consultants or advisors, (e) through the use of the proceeds of a substantially contemporaneous sale of 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 (f) purchases or other acquisitions of shares of our capital stock            
 pursuant to a contractually binding stock repurchase plan existing prior to the preceding dividend payment date on which dividends       
 were not paid in full); or                                                                                                               |

| 11 |

| · | redeem, purchase or otherwise                                                                                                
 acquire Series A Preferred Stock (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) a purchase or exchange offer made on the same terms 
 to holders of all outstanding shares of Series A Preferred Stock or (c) with respect to redemptions, a redemption pursuant   
 to which all shares of Series A Preferred Stock are redeemed).                                                               |

Notwithstanding the foregoing,
if our board of directors (or a duly authorized committee of our board of directors) elects to declare only partial instead of full dividends
for a dividend payment date and related dividend period on the shares of 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, then, to the extent permitted
by the terms of the Series A Preferred Stock and each outstanding class or series of our capital stock that ranks on parity with
the Series A Preferred Stock with respect to dividends, such partial dividends shall be declared on shares of the Series A
Preferred Stock and class or series of our capital stock that ranks on parity with the Series A Preferred Stock with respect to
dividends, and dividends so declared shall be paid, as to any such dividend payment date and related dividend period, in amounts such
that the ratio of the partial dividends declared and paid on each such series to full dividends on each such series is the