Company: BWNB
Filing Date: 2025-06-10
Form Type: 424B5
Source: 0001104659-25-058204
Chunk: 52

Company: Babcock & Wilcox Enterprises, Inc.
Filing Date: 2025-06-10
Form: 424B5
Chunk 52
---
payment”), the holders
of such shares, voting together as a class with holders of any and all other series of voting preferred stock then outstanding, will
be entitled to vote for the election of a total of two additional members of our board of directors (the “preferred stock directors”),
provided that the election of any such directors shall not cause us to violate the corporate governance requirements of the NYSE (or
any other exchange on which our securities may be listed) that listed companies must have a majority of independent directors and provided
further that our board of directors shall at no time include more than two preferred stock directors. In that event, the number of directors
on our board of directors shall automatically increase by two or our board will otherwise have two vacancies, and the new directors shall
be elected at a special meeting called at the request of the holders of record of at least 20% of the Series A Preferred Stock or
of any other series of voting preferred stock (unless such request is received less than 90 days before the date fixed for the next annual
or special meeting of the stockholders, in which event such election shall be held at such next annual or special meeting of stockholders),
and at each subsequent annual meeting. Such request to call a special meeting for the initial election of the preferred stock directors
after a nonpayment shall be made by written notice, signed by the requisite holders of the Series A Preferred Stock or other voting
preferred stock, and delivered to our Secretary in such manner as provided for in the certificate of designations for the Series A
Preferred Stock, or as may otherwise be required by law. As used in this prospectus supplement, “voting preferred stock”
means any other class or series of our preferred stock ranking equally with the Series A Preferred Stock as to dividends (whether
cumulative or non-cumulative) and the distribution of our assets upon liquidation, dissolution or winding up and upon which like voting
rights to the Series A Preferred Stock have been conferred and are exercisable.

| 19 |

So long as a nonpayment shall
continue, any vacancy in the office of a preferred stock director (other than prior to the initial election after a nonpayment) may be
filled by the written consent of the preferred stock director remaining in office, or if none remains in office, by a vote of the holders
of record of a majority of the outstanding shares of the Series A Preferred Stock and all voting preferred stock when they have
the voting rights described above (voting