Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 35

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 35
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 Junior to all our existing                                                                                                                   
 and future indebtedness (including subordinated indebtedness and any indebtedness convertible into our common stock or preferred             
 stock) and other liabilities with respect to assets available to satisfy claims against us and structurally subordinated to the indebtedness 
 and other liabilities of (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