Document:

Exhibit 10.8

 

Execution
Version

 

AMENDMENT
NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDMENT
NO. 3 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of March 4, 2021, is among BABCOCK
& WILCOX ENTERPRISES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., in its
capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the
“Administrative Agent”), and each of the Lenders party hereto, for purposes of Sections 1, 2, 5(a), 6,
and 8 hereof, acknowledged and agreed by certain Subsidiaries of the Borrower, as Guarantors, and, for purposes of Section
5(b), B. Riley Financial, Inc., as Limited Guarantor.

 

W
I T N E S S E T H:

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement, dated as
of May 14, 2020 (as amended through Amendment No. 1, dated as of October 30, 2020, Amendment No. 2, dated as of February 8, 2021, and
from time to time further amended, supplemented, restated, amended and restated or otherwise modified the “Credit Agreement”;
capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit
Agreement (as amended hereby)), pursuant to which the Revolving Credit Lenders have provided the Revolving Credit Facility to the Borrower
and the Term Loan Lenders have provided the Term Loan Facility to the Borrower; and

 

WHEREAS,
the Borrower has requested that the Administrative Agent and the Required Lenders agree to, among other items, (i) permit the prepayment
of certain Term Loans, (ii) reduce the Revolving Credit Commitments to $130,000,000 and remove the ability for the Borrower to obtain
Revolving Credit Loans under the Credit Agreement and (ii) amend certain covenants and conditions to the extension of credit; and

 

WHEREAS,
the Borrower, the Administrative Agent and the Lenders signatory hereto are willing to effect such amendments on the terms and conditions
contained in this Amendment.

 

NOW,
THEREFORE, in consideration of the premises and further valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

	1.	Amendments to the Credit
    Agreement.

 

The
Credit Agreement is, effective as of the Amendment No. 3 Effective Date, hereby amended as follows:

 

	 	(a)	Section
    1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting the following new definitions in the appropriate
    alphabetical order in Section 1.01:

 

“Amendment
No. 3” means that certain Amendment No. 3, dated as of the Amendment No. 3 Effective Date, by and among the Loan Parties, the
Administrative Agent and the Lenders party thereto.

 

     

     

    

 

“Amendment
No. 3 Effective Date” means March 4, 2021, the date on which the conditions precedent to the effectiveness of Amendment No.
3 were satisfied.

 

“Amendment
No. 3 Term Loan Prepayment” means the optional prepayment of up to $75,000,000 of the principal amount of Term Loans by the
Borrower on or after the Amendment No. 3 Effective Date but on or prior to March 31, 2021 in accordance with Section 2.05(a)(i).

 

“Accelerated
Automatic Commitment Reduction” has the meaning specified in Section 2.06(a)(iii).

 

“Lancaster
Sale” has the meaning specified in the definition of “Prepayment Event”.

 

	 	(b)	The
    definition of “Aggregate L/C Sublimit” in Section 1.01 (Defined Terms) of the Credit Agreement shall be
    amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Aggregate
L/C Sublimit” means (x) prior to May 1, 2021, $190,000,000 and (y) thereafter, $175,000,000 $130,000,000.

 

	 	(c)	The
    definition of “Alternative Currency Sublimit” in Section 1.01 (Defined Terms) of the Credit Agreement shall
    be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of (i) the Revolving Credit Facility and, (ii) prior
to May 1, 2021, $125,000,000, and thereafter, $110,000,000 $100,000,000. The Alternative Currency Sublimit is part
of, and not in addition to, the Revolving Credit Facility.

 

	 	(d)	The
    definition of “Cashless Term Loan Prepayment” in Section 1.01 (Defined Terms) of the Credit Agreement shall
    be amended by deleting the text stricken below to read in its entirety as follows:

 

“Cashless
Term Loan Prepayment” means the deemed optional prepayment of the principal amount of Term Loans by the Borrower pursuant to
Section 2.05(a)(i), which prepayments shall be effectuated by the conversion or exchange (x) on or prior to February 28, 2021
(which date, upon written notice to the Administrative Agent, may be extended to permit a shareholder vote with respect to the Borrower,
as needed to obtain required regulatory approvals or allow for the expiration of any regulatory waiting period (including under the Hart-Scott-Rodino
Act), in each case, as necessary to effectuate all or any portion of such conversion or exchange) of Term Loans in an aggregate principal
amount deemed purchased not to exceed $50,000,000 into Stock or Stock Equivalents (other than Disqualified Stock) of the Borrower by
reducing the principal amount of Term Loans on a dollar for dollar basis based on a price determined by the Borrower and the Team Loan
Lenders, which generally will be based on the market price of common stock of the Borrower (or such other price as may be required
by the applicable rules and regulations of the NYSE) and/or (y) on or prior to February 17, 2021 of Term Loans in an
aggregate principal amount deemed purchased not to exceed $35,000,000 into Notes Indebtedness permitted pursuant to Section 7.01(q) on
a dollar-for dollar basis based on the principal amount of such deemed purchased Notes Indebtedness.

 

	 	(e)	The
    definition of “CIO” in Section 1.01 (Defined Terms) of the Credit Agreement shall be deleted.

 

	 	(f)	The
    definition of “Default Rate” in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by
    inserting the text underlined below to read in its entirety as follows:

 

“Default
Rate” means (a) when used with respect to Obligations (including, for the avoidance of doubt, any L/C Borrowing) arising
under any Loan Document other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable
Rate applicable to Base Rate Loans plus (iii) 2% per annum; provided, however, that with respect to a Eurocurrency
Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable
to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate applicable
to Letter of Credit Fees plus 2% per annum.

 

	 	(g)	Clause
    (a) of the definition of “Prepayment Event” in Section 1.01 (Defined Terms) of the Credit Agreement shall
    be amended by inserting the text underlined below to read in its entirety as follows:

 

(a)
(i) any Asset Sale (other than an Asset Sale (x) permitted by any of Section 7.04(a), (b), (c), (e),
(f), (g), (h), (j) or (k) or (y) in connection with the Lancaster Sale (as defined and contemplated in
that certain Consent, dated as of December 22, 2020, by and among the Borrower, the Administrative Agent, and the Lenders party thereto)
(the “Lancaster Sale”)), (ii) any sale and leaseback transaction (whether or not permitted by Section 7.13)
(other than (x) the sale and leaseback of the Power Copley property in accordance with Section 7.13 or (y) in connection with the
Lancaster Sale) resulting in aggregate Net Cash Proceeds in excess of $3,000,000 for any single transaction or a series of related
transactions or (iii) any Recovery Event; or

 

	 	(h)	The
    definition of “Repayment Deadline” in Section 1.01 (Defined Terms) of the Credit Agreement shall be deleted.

 

    2

     

    

 

	 	(i)	The
    definition of “Restricted Payment” in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended
    by inserting the text underlined below to read in its entirety as follows:

 

“Restricted
Payment” means (a) any dividend, distribution or any other payment whether direct or indirect, on account of any Stock or
Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in Stock
or Stock Equivalents (other than Disqualified Stock) or a dividend or distribution payable solely to the Borrower or one or more
Guarantors, (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or
indirect, of any Stock or Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding other than one
payable solely to the Borrower or one or more Guarantors, (c) any payment or prepayment of principal, premium (if any), interest,
fees (including fees to obtain any waiver or consent in connection with any Indebtedness) or other charges on, or redemption,
purchase, retirement, defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of the Borrower or any
other Loan Party, other than any Intercompany Subordinated Debt Payment, COVID-19 Relief Indebtedness permitted under Section
7.01 or any required (in each case) payment, prepayment, redemption, retirement, purchases or other payments, in each case to
the extent permitted to be made by the terms of such Subordinated Debt, (d) any payment in connection with matured or drawn
obligations with respect to the AECI Letter of Credit or Tranche A-7 Letters of Credit, except in the form of payments or
prepayments of Tranche A-5 Term Loans or Tranche A-7 Term Loans, as applicable, in each case subject to the provisions of Article
XI and any other subordination terms set forth herein and (e) any payment or prepayment of principal, premium (if any),
interest, fees (including fees to obtain any waiver or consent in connection with any Indebtedness, but excluding customary fees
payable on the date of incurrence of Notes Indebtedness) or other charges on, or redemption, purchase, retirement, defeasance,
sinking fund or similar payment with respect to, any Notes Indebtedness of the Borrower or any other Loan Party, other than, so long
as no Event of Default shall have occurred and be continuing on the date of payment thereof, regularly scheduled payments of
interest required to be made on any Notes Indebtedness. For the avoidance of doubt, any Cashless Term Loan Prepayment or Amendment
No. 3 Term Loan Prepayment (including any payment of outstanding interest on the date of such prepayment) and payments to any
Term Loan Lender, in its capacity as such, under the B. Riley Fee Letter shall not be considered “Restricted Payments”
under this definition.

 

    3

     

    

 

	 	(j)	The
    definition of “Revolving Credit Commitment” in Section 1.01 (Defined Terms) of the Credit Agreement shall
    be amended by inserting the text underlined below to read in its entirely as follows:

 

“Revolving
Credit Commitment” means, as to each Revolving Credit Lender, its obligation to (a) make Revolving Loans to the Borrower
pursuant to Section 2.01 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any
one time outstanding not to exceed the Dollar amount set forth opposite such Lender’s name on Schedule 2.01 or in the
Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from
time to time in accordance with this Agreement. As of the Amendment No. 3 Effective Date, the aggregate amount of the Revolving
Credit Commitments shall equal $130,000,000.

 

	 	(k)	The
    definition of “Revolving Credit Facility” in Section 1.01 (Defined Terms) of the Credit Agreement shall
    be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Revolving
Credit Facility” means, at any time, the aggregate amount of the Lenders’ Revolving Credit Commitments at such time.
As of the Amendment No. 3 Restatement Effective Date, and after giving effect to the Accelerated Automatic
Commitment Reduction, the aggregate amount of the Revolving Credit Facility shall equal $326,922,091.95 $130,000,000.

 

	 	(l)	The
    definition of “Revolving Funded Debt Sublimit” in Section 1.01 (Defined Terms) of the Credit Agreement
    shall be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Revolving
Funded Debt Sublimit” means the lesser of (a) $205,000,000, plus, in each case, the principal amount of Revolving Credit
Loans made pursuant to Section 2.03(c)(ii) that have not been repaid, and (b) the Revolving Credit Facility $0.
The Revolving Funded Debt Sublimit is part of, and not in addition to, the Revolving Credit Facility. For purposes of this definition
of “Revolving Funded Debt Sublimit”, repayments and prepayments of Revolving Credit Loans shall be deemed to be applied,
first, to Revolving Credit Loans not made pursuant to Section 2.03(c)(ii) and, second, to Revolving Credit Loans made pursuant
to Section 2.03(c)(ii).

 

	 	(m)	The
    definition of “Term Loan Working Capital Commitment” in Section 1.01 (Defined Terms) of the Credit Agreement
    shall be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

“Term
Loan Working Capital Commitment” means, as to each Tranche A-6 Term Loan Lender, its obligation to make Working Capital
Term Loans to the Borrower pursuant to Section 2.01F in an aggregate principal amount not to exceed the Dollar amount set forth
opposite such Tranche A-6 Term Loan Lender’s name on Schedule 2.01. As of the Restatement Effective Date Amendment
No. 3 Effective Date, the aggregate amount of the Tranche A-6 Term Loan Lenders’ Term Loan Working Capital Commitments
shall equal $5,000,000.00 $0 as a result of reductions with respect to a Prepayment Event under clause (a)(iii)
of the definition thereof.

 

    4

     

    

 

	 	(n)	The
    definition of “Test Date” in Section 1.01 (Defined Terms) of the Credit Agreement shall be deleted.

 

	 	(o)	The
    definition of “Trigger Event” in Section 1.01 (Defined Terms) of the Credit Agreement shall be deleted.

 

	 	(p)	The
    proviso in clause (b) of Section 2.02 (Borrowings; Conversions; and Continuations of Loans) shall be amended by deleting the
    text stricken below to read in its entirety as follows:

 

provided, however,
that if on the date a Committed Loan Notice with respect to a Borrowing is given by the Borrower, there are L/C Borrowings outstanding,
then the proceeds of such Borrowing, first, shall be
applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above
and, if such Borrowing includes a Term Loan Borrowing of Working Capital Term Loans, to the extent any Term Loan Borrowing results
in a Trigger Event or if a Repayment Deadline exists, proceeds of the applicable Term Loan Borrowing may be applied to the prepayment
of Revolving Credit Loans in amounts equal to the excess of the thresholds set forth in the definition of “Trigger Event”.

 

	 	(q)	Clause
    (i) of Section 2.03(c) (Drawings and Reimbursements; Funding of Participations) shall be amended by deleting the text stricken
    below to read in its entirety as follows:

 

Upon
receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer
shall notify the Borrower and the Administrative Agent thereof. In the case of any draw under a Letter of Credit denominated in an Alternative
Currency, the L/C Issuer shall notify the Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination
thereof. The Borrower agrees to pay to the L/C Issuer of any Letter of Credit that has been drawn upon the amount of all draws thereunder,
in Dollars (or the Dollar Equivalent of such payment if such payment was made in an Alternative Currency), no later than (x) the Business
Day on which the L/C Issuer has provided notice thereof to the Borrower if such notice has been provided prior to 11:00 a.m. on such
Business Day, or (y) no later than 10:00 a.m. on the next succeeding Business Day after the Borrower receives such notice from such L/C
Issuer if such notice is not received prior to 11:00 a.m. on such day (each such date, an “Honor Date”), and such
L/C Issuer shall provide prompt notice to the Administrative Agent of such reimbursement. If the Borrower fails to so reimburse the applicable
L/C Issuer by such time, such L/C Issuer shall promptly notify the Administrative Agent of the Honor Date and the amount of the unreimbursed
drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative
Currency) (the “Unreimbursed Amount”), and the Administrative Agent shall provide such notice, along with the amount
of such Lender’s Applicable Percentage thereof, to each Lender. In such event, the Borrower shall be deemed to have
requested a Revolving Credit Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans,
but subject to the amount of the unutilized portion of the Revolving Credit Commitments and the conditions set forth in Section
4.03 (other than the delivery of a Committed Loan Notice). Any notice given by any L/C Issuer or the Administrative
Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that
the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

    5

     

    

 

	 	(r)	Clause
    (iii) of Section 2.03(c) (Drawings and Reimbursements; Funding of Participations) shall be amended by deleting the text stricken
    below to read in its entirety as follows:

 

With
respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing of Base Rate Loans because the
conditions set forth in Section 4.03 cannot be satisfied or for any other reason, the Borrower shall
be deemed to have incurred from the L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.03(c)(ii)
shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such
Lender in satisfaction of its participation obligation under this Section 2.03.

 

	 	(s)	Clause
    (iv) of Section 2.03(c) (Drawings and Reimbursements; Funding of Participations) shall be amended by deleting the text stricken
    below to read in its entirety as follows:

 

Until
each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the
applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Percentage
of such amount shall be solely for the account of the applicable L/C Issuer.

 

	 	(t)	Clause
    (v) of Section 2.03(c) (Drawings and Reimbursements; Funding of Participations) shall be amended by deleting the text stricken
    below to read in its entirety as follows:

 

Each
Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse the L/C Issuer for amounts
drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be
affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against any L/C Issuer, the Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or
continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.03(c) is
subject to the conditions set forth in Section 4.03 (other than delivery by the Borrower of a Committed Loan Notice). No
such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C
Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided
herein.

 

    6

     

    

 

	 	(u)	The
    second sentence in clause (vi) of Section 2.03(c) (Drawings and Reimbursements; Funding of Participations) shall be amended
    by deleting the text stricken below to read in its entirety as follows:

 

If
such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving
Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing,
as the case may be.

 

	 	(v)	The
    first proviso of clause (a)(i) of Section 2.05 (Prepayments) of the Credit Agreement shall be amended by inserting the text
    underlined below to read in its entirety as follows:

 

provided that
(i) such notice must be in a form acceptable to the Administrative Agent and be received by the Administrative Agent not later than
11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans, (B) on the date of prepayment of Base
Rate Loans, (C) five Business Days prior to any date of prepayment of Fixed Rate Loans, other than with respect to the Amendment
No. 3 Term Loan Prepayment, and (D) 1 Business Day prior to the date of the Amendment No. 3 Term Loan Prepayment;

 

	 	(w)	The
    fifth sentence of clause (a)(i) of Section 2.05 (Prepayments) of the Credit Agreement shall be amended by inserting the text
    underlined below to read in its entirety as follows:

 

Any
Cashless Term Loan Prepayment or the Amendment No. 3 Term Loan Prepayment of a Fixed Rate Loan shall be accompanied by all accrued
interest on the amount prepaid to the extent that such interest is permitted to be paid under Section 11.01.

 

	 	(x)	Clause
    (a)(iii) of Section 2.05 (Prepayments) of the Credit Agreement shall be amended by inserting the text underlined below and
    deleting the text stricken below to read in its entirety as follows:

 

Except
as set forth in clause clauses (c) and (d) of Section 11.01 and notwithstanding anything to the
contrary contained herein, the Borrower shall not be permitted to prepay the Term Loan Facility (pursuant to Section
2.05(a)(i) or otherwise) until the occurrence of the Revolving Credit Facility Termination Date, provided that the
Administrative Agent, in its sole discretion, may permit a prepayment in full of the Term Loan Facility on the Revolving Credit
Facility Termination Date, provided further that the Administrative Agent will not release funds paid with respect to the Term Loan
Facility to any Term Loan Lender until the Administrative Agent has deemed, in its reasonable discretion, that the Revolving Credit
Facility Termination Date has occurred.

 

    7

     

    

 

	 	(y)	Clause
    (b)(vi) of Section 2.05 (Prepayments) of the Credit Agreement shall be deleted.

 

	 	(z)	Section
    2.06(a)(iii) (Automatic) of the Credit Agreement shall be amended by inserting the following sentence to the end of such Section:

 

Notwithstanding
the above, on the Amendment No. 3 Effective Date each of the automatic reductions to the Aggregate Revolving Credit Commitments scheduled
to occur after the Amendment No. 3 Effective Date shall be accelerated and occur upon the effectiveness of Amendment No. 3 in lieu of
the dates set forth above (the “Accelerated Automatic Commitment Reduction”).

 

		(aa)	Clause
(iv)(A)(y) of Section 2.09(d) (Existing Credit Agreement Fees) of the Credit Agreement shall be amended by inserting the text
underlined below and deleting the text stricken below to read in its entirety as follows:

 

(y)
upon the scheduled date (disregarding the Accelerated Automatic Commitment Reduction) of each automatic commitment reduction to
the Aggregate Revolving Credit Commitments required scheduled under Section 2.06(a)(iii) for which (I) a corresponding
amount of proceeds of Scheduled Term Loans are funded pursuant to Section 2.01F substantially contemporaneously therewith and received
by the Borrower (or as such funding may be replaced with Net Cash Proceeds of the issuance of Stock or Stock Equivalents of the Borrower
or contribution to the equity of the Borrower in accordance with Section 4.05(a)) and (II) no requirement to make any prepayment under
Section 2.06(a)(iv) would result from such commitment reduction, an amount equal to 10% of such automatic commitment reduction will be
waived on the date thereof; and

 

		(bb)	Clause
(e) of Section 4.03 (Conditions to Revolving Credit Extensions) of the Credit Agreement shall be deleted.

 

		(cc)	The
last paragraph of Section 4.03 (Conditions to Revolving Credit Extensions) of the Credit Agreement shall be amended by inserting
the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

Each
Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation
of Eurocurrency Rate Loans) submitted by the Borrower (or with respect to a Letter of Credit Application, any Permitted L/C Party) shall
be deemed to be a representation and warranty of the Borrower that the conditions specified in Sections 4.03(a),
and (b) and (e) have been satisfied on and as of the date of the applicable Credit Extension.

 

    8

     

    

 

		(dd)	The
last sentence of Section 6.28 (Consultant) of the Credit Agreement shall be amended by inserting the text underlined below and
deleting the text stricken below to read in its entirety as follows:

 

To
the extent that the Borrower hires professional staff members as mutually agreed to between the CIO and the other members of
senior management of the Borrower in respect of its financial planning and analysis functions, upon notice to the Administrative
Agent, the Borrower may modify the engagement described under this Section 6.28 (on such terms as may be reasonably acceptable
to the Administrative Agent) to permit the CIO Borrower to implement a transition process in respect of such financial
planning and analysis functions from the Consultant to such professional staff members.

 

	 	(ee)	Section
    6.33 (Chief Implementation Officer) of the Credit Agreement shall be amended and restated in its entirety as [“Reserved”].

 

	 	(ff)	Clause
    (j) of Section 7.08 (Transactions with Affiliates) of the Credit Agreement shall be amended by deleting the text stricken
    below to read in its entirety as follows:

 

(j)
any Cashless Term Loan Prepayment, including the incurrence of the Notes Indebtedness and issuance of Stock and Stock
Equivalents that is converted or exchanged from Term Loans; and

 

	 	(gg)	Section
    8.01(m) (Tranche A-6 Term Loan Fundings) of the Credit Agreement shall be deleted.

 

		(hh)	Section
11.01 (Payment Subordination) of the Credit Agreement shall be amended by inserting the text underlined below and deleting the
text stricken below to read in its entirety as follows:

 

11.01
Payment Subordination. The Term Loan Lenders agree that the Obligations with respect to the Term Loan Facility continue to be
expressly subordinate and junior in right of payment to all Obligations with respect to the Revolving Credit Facility (including any
interest or entitlement to fees or expenses or other charges with respect to the Revolving Credit Facility accruing after the
commencement of any proceeding under any Debtor Relief Law, whether or not such amounts are allowed in any proceeding), except for
any payment of (a) any payment expressly permitted to be made prior to the Restatement Effective Date under Section 11.01 of the
Existing Credit Agreement, (b) the 2020 Refinancing Term Loan Lender Expenses, (c) Cashless Term Loan Prepayments, (d) the
Amendment No. 3 Term Loan Prepayment and (de) other than upon and during the continuance of an Event of
Default, any interest on the Term Loans due on the applicable Interest Payment Date, the date of the Amendment No. 3 Term Loan
Prepayment or on any Cashless Term Loan Prepayment on the date that such prepayment is deemed made, and payments made in lieu of
interest pursuant to the B. Riley Fee Letter and any fees paid in connection with the Term Loans pursuant to the B. Riley Fee
Letter.

 

    9

     

    

 

	 	(ii)	Clause
    (a) of Section 11.02 (Turnover) of the Credit Agreement shall be amended by inserting the text underlined below and deleting
    the text stricken below to read in its entirety as follows:

 

(a)
Any payment or distribution (whether in cash, property or securities) that may be received by any Term Loan Lender or its Affiliate
(including, in each case, in its capacity as a holder of Notes Indebtedness) on account of any Obligations with respect to the Term
Loan Facility, the Notes Indebtedness, the B. Riley Fee Letter or the 2020 Refinancing in violation of this Agreement (including
Section 7.05) shall be segregated and held in trust and promptly paid over to the Administrate Agent, for the benefit of the Secured
Parties, in each case, in the same form as received, with any necessary endorsements, and each of the Term Loan Lenders hereby
authorizes the Administrative Agent to make any such endorsements as agent for such Term Loan Lender or its respective Affiliate (in
each case, which authorization, being coupled with an interest, is irrevocable). All such payments paid over to the Administrative
Agent shall be, as applicable, (i) used to prepay Revolving Credit Loans pay L/C Borrowings and, if
the Revolving Credit Loans L/C Borrowings are paid in full, Cash Collateralize Letters of Credit or (ii)
applied in accordance with the provisions of Section 8.03. For purposes of this Agreement, each Term Loan Lender agrees that in an
any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party of the Borrower, any debt or
equity securities issued or to be issued by the reorganized or liquidating Borrower or any reorganized or liquidating Loan Party
that is allocated to any Term Loan Lender or Affiliate thereof on account of the Term Loan Facility, the Notes Indebtedness, the B.
Riley Fee Letter or the 2020 Refinancing in a plan of reorganization or liquidation shall be deemed to be payments that are subject
to the turnover provisions hereunder.

 

	2.	Additional Agreements and
    Acknowledgments

 

	 	(a)	The
    Borrower agrees to pay, or cause to be paid, to the Administrative Agent in immediately available funds upon the Amendment No. 3
    Effective Date, (x) for the account of each Revolving Credit Lender, (i) the amendment and restated fee described in Section 2.09(c)(ii)
    of the Credit Agreement in the amount of $1,634,610.46,
(ii) the “Deferred Facility Fee” (as defined in the Existing Credit Agreement) as described in Section 2.09(d)(i) of the
Credit Agreement in the amount of $6,675,103.06, (iii) the “Deferred Ticking Fees” (as defined in the Existing Credit
Agreement) described in Section 2.09(d)(iv)(x) of the Credit Agreement in the amount of $6,723,651.61, and (iv) the “Other
Amendment Fees” as described in Section 2.09(d)(iv)(y) of the Credit Agreement in the amount of $1,379,348.26, (y) for the
account of each Revolving Credit Lender who consented to that certain Amendment No. 6, dated as of April 10, 2018, by and among the
Borrower, the Administrative Agent and the Lenders party thereto, and acknowledged and agreed by the Guarantors, the
“Amendment No. 6” fees described in Section 2.09(d)(ii) of the Credit Agreement in the amount of $540,000.00 (the
payments under clauses (x) and (y) of this Section 2(a), the “Prepaid Deferred Fees”) and (z) for the account of
each Revolving Credit Lender, such Revolving Credit Lender’s ratable share of all outstanding deferred (i) interest on
Revolving Credit Loans, (ii) Letter of Credit Fees and (iii) commitment fees set forth in Section 2.09 of the Credit Agreement, in
each case, accrued from the Restatement Effective Date through and including August 31, 2020 (the payments under clause (z) of this
Section 2(a)), the “Prepaid Deferred Interest”).

 

    10

     

    

 

	 	(b)	The
    Borrower and the other Loan Parties each acknowledge and agree that the breach or failure to comply in any respect with the terms
    and conditions of this Section 2 shall constitute an immediate Event of Default under Section 8.01 of the Credit Agreement.

 

	3.	Effectiveness; Conditions
    Precedent.

 

The
amendments contained herein shall only be effective upon the satisfaction or waiver of each of the following conditions precedent (the
date of satisfaction or waiver, the “Amendment No. 3 Effective Date”):

 

	 	(a)	the
    Administrative Agent shall have received each of the following documents or instruments in form and substance acceptable to the Administrative
    Agent:

 

	 	(i)	counterparts
    of this Amendment executed by the Loan Parties, the Limited Guarantor, the Administrative Agent, the Required Lenders and each Term
    Loan Lender;

 

	 	(ii)	a
    certificate of the chief financial officer or treasurer of the Borrower certifying that as of the Amendment No. 3 Effective Date
    (A) all of the representations and warranties in this Amendment are true and correct in all material respects (or, to the extent
    any such representation and warranty is modified by a materiality or Material Adverse Effect standard, in all respects) as of such
    date (except to the extent that such representations and warranties expressly relate to an earlier date, in which case they shall
    be true and correct in all material respects (or, to the extent any such representation and warranty is modified by a materiality
    or Material Adverse Effect standard, in all respects) as of such earlier date), (B) no Default shall exist, or would result from
    the occurrence of the Amendment No. 3 Effective Date and (C) since December 31, 2019, there have not occurred any facts, circumstances,
    changes, developments or events which, individually
or in the aggregate, have constituted or would reasonably be expected to result in, a Material Adverse Effect;

 

    11

     

    

 

	 	(iii)	a
    certificate of the secretary or assistant secretary of each of (i) the Loan Parties that are Domestic Subsidiaries, (ii) the Canadian
    Guarantor and (iii) Babcock & Wilcox De Monterrey, S.A. DE C.V., certifying and confirming that (i) attached thereto is a true,
    correct and complete copy of resolutions duly adopted by the board of directors (or similar governing body) of each such Loan Party,
    authorizing the execution, delivery and performance of the Amendment and the Loan Documents to which such Loan Party is a party,
    or is to be, a party, and that such resolutions have not been amended, rescinded or otherwise modified and are in full force and
    effect in the form adopted; (ii) a true, correct and complete copy of the certificate of incorporation or certificate of formation
    (or the equivalent organizational documents) of each such Loan Party, together with any amendments thereto, was previously delivered
    to the Administrative Agent on May 14, 2020 or is attached thereto, and that the certified charter has not been revoked, amended,
    rescinded or modified and remains in full force and effect as of the date thereof; (iii) a true, correct, and complete copy of the
    bylaws, partnership agreement or operation agreement (or the equivalent governing documentation) of each such Loan Party, together
    with any amendments thereto, was previously delivered to the Administrative Agent on April 10, 2018 or is attached thereto, and that
    the bylaws have not been revoked, amended, rescinded or modified and remain in full force and effect as of the date hereof; and (iv)
    attached thereto is a true, correct and complete list of names, offices and true signatures of the duly qualified, acting and elected
    or appointed officers of each such Loan Party authorized to sign the Amendment and the Loan Documents to which the such Loan Party
    is, or is to be, a party and the other agreements, instruments and documents to be delivered by such Loan Party pursuant to the Amendment
    and the Loan Documents;

 

	 	(iv)	such
    documents and certifications as the Administrative Agent may reasonably require to evidence that each Loan Party that are Domestic
    Subsidiaries that each such Loan Party is validly existing and in good standing in its jurisdiction of organization;

 

	 	(v)	a
    solvency certificate, executed by a Responsible Officer of the Borrower in form and substance reasonably acceptable to the Administrative
    Agent, which, among other things, shall certify that the Borrower will be Solvent as of the date hereof;

 

    12

     

    

 

	 	(vi)	satisfactory
    opinion of King & Spalding LLP, as counsel to the Loan Parties, as to such matters reasonably requested by the Administrative
    Agent and in form and substance satisfactory to the Administrative Agent;

 

	 	(vii)	an
    executed perfection certificate for the Borrower and the Domestic Subsidiaries in form and substance reasonably satisfactory to the
    Administrative Agent as well as any information with respect to intellectual property reasonably requested by the Administrative
    Agent;

 

	 	(viii)	executed
    Intellectual Property Security Agreements that the Administrative Agent deems necessary or reasonably desirable in order to perfect
    or provide notice of the Liens created under the U.S. Collateral Agreement in intellectual property Collateral, in form appropriate
    for filing with the United States Patent and Trademark Office and the United States Copyright Office; and

 

	 	(ix)	a
    duly executed assignment of mortgage in favor of the Administrative Agent with respect to that certain Open-End Mortgage, Assignment
    of Leases, Rents and Security Agreement dated as of November 4, 2020, by ICP Barberton Robinson LLC and Holdings Barberton Robinson,
    LLC, in favor of The Babcock & Wilcox Company.

 

	 	(b)	there
    shall be no Revolving Credit Loans outstanding under the Credit Agreement as of the Amendment No. 3 Effective Date;

 

	 	(c)	the
    Administrative Agent shall have received (i) the Prepaid Deferred Fees and (ii) the Prepaid Deferred Interest;

 

	 	(d)	the
    Administrative Agent shall have received a prepayment notice in accordance with Section 2.05(a)(i) of the Credit Agreement with respect
    to each of (i) the Amendment No. 3 Term Loan Prepayment and (ii) any prepayment of the outstanding Revolving Credit Loans, if applicable;

 

	 	(e)	without
    prejudice to, or limiting the Borrower’s obligations under, Section 10.04 (Expenses; Indemnity; Damage Waiver) of the
    Credit Agreement, all outstanding fees, costs and expenses due to the Administrative Agent and the Lenders, including on account
    of Agent’s Legal Advisor and FTI, shall have been paid in full to the extent that the Borrower has received an invoice therefor
    (with reasonable and customary supporting documentation) at least two Business Days prior to the Amendment No. 3 Effective Date (without
    prejudice to any post-closing settlement of such fees, costs and expenses to the extent not so invoiced); and

 

	 	(f)	each
    of the representations and warranties made by the Borrower in Section 4 hereof shall be true and correct.

 

    13

     

    

 

The
Administrative Agent agrees that it will, upon the satisfaction or waiver of the conditions contained in this Section 3, promptly
provide written notice to the Borrower, and the Lenders of the effectiveness of this Amendment.

 

		4.	Representations and Warranties.

 

In
order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative
Agent and the Lenders, for itself and for each other Loan Party, as follows:

 

	 	(a)	that
    both immediately prior to and immediately after giving effect to this Amendment, no Default or Event of Default exists;

 

	 	(b)	the
    representations and warranties contained in the Credit Agreement are true and correct in all material respects on and as of the date
    hereof (except to the extent that such representations and warranties (i) specifically refer to an earlier date, in which case they
    shall be true and correct in all material respects as of such earlier date and (ii)
contain a materiality or Material Adverse Effect qualifier, in which case such representations and warranties shall be true and correct
in all respects);

 

	 	(c)	the
    execution, delivery and performance by the Borrower and the other Loan Parties of this Amendment and the consummation of the transactions
    contemplated hereby have been duly authorized by all necessary corporate, limited liability company or partnership action, including
    the consent of shareholders, partners and members where required, do not contravene any Loan Party or any of its Subsidiaries’
    respective Constituent Documents, do not violate any Requirement of Law applicable to any Loan Party or any order or decree of any
    Governmental Authority or arbiter applicable to any Loan Party and do not require the consent of, authorization by, approval of,
    notice to, or filing or registration with, any Governmental Authority or any other Person in order to be effective and enforceable;

 

	 	(d)	this
    Amendment has been duly executed and delivered on behalf of the Borrower and the other Loan Parties;

 

	 	(e)	this
    Amendment constitutes a legal, valid and binding obligation of the Borrower and the other Loan Parties enforceable against the Borrower
    and the other Loan Parties in accordance with its terms, except as may be limited by applicable bankruptcy, insolvency, reorganization,
    moratorium, Debtor Relief Laws or similar laws affecting the enforcement of creditors’ rights generally and by general principles
    of equity; and

 

    14

     

    

 

	 	(f)	as
    of the date hereof, all Liens, security interests, assignments and pledges encumbering the Collateral, created pursuant to and/or
    referred to in the Credit Agreement or the other Loan Documents, are valid, enforceable, duly perfected to the extent required by
    the Loan Documents, non-avoidable, first priority liens, security interests, assignments and pledges (subject to Liens permitted
    by Section 7.02
of the Credit Agreement), continue unimpaired, are in full force and effect and secure and shall continue to secure all of the obligations
purported to be secured in the respective Security Instruments pursuant to which such Liens were granted.

 

	5.	Consent, Acknowledgement
    and Reaffirmation of Indebtedness and Liens.

 

	 	(a)	By
    its execution hereof, each Loan Party, in its capacity under each of the Loan Documents to which it is a party (including the capacities
    of debtor, guarantor, grantor and pledgor, as applicable, and each other similar capacity, if any, in which such party has granted
    Liens on all or any part of its properties or assets, or otherwise acts as an accommodation party, guarantor, indemnitor or surety
    with respect to all or any part of the Obligations), hereby:

 

	 	(i)	expressly
    consents to the amendments and modifications to the Credit Agreement effected hereby;

 

	 	(ii)	expressly
    confirms and agrees that, notwithstanding the effectiveness of this Amendment, each Loan Document to which it is a party is, and
    all of the obligations and liabilities of such Loan Party to the Administrative Agent, the Lenders and each other Secured Party contained
    in the Loan Documents to which it is a party (in each case, as amended and modified by this Amendment), are and shall continue to
    be, in full force and effect and are hereby reaffirmed, ratified and confirmed in all respects and, without limiting the foregoing,
    agrees to be bound by and abide by and operate and perform under and pursuant to and comply fully with all of the terms, conditions,
    provisions, agreements, representations, undertakings, warranties, indemnities, guaranties, grants of security interests and covenants
    contained in the Loan Documents;

 

	 	(iii)	to
    the extent such party has granted Liens or security interests on any of its properties or assets pursuant to any of the Loan Documents
    to secure the prompt and complete payment, performance and/or observance of all or any part of its Obligations to the Administrative
    Agent, the Lenders, and/or any other Secured Party, acknowledges, ratifies, remakes, regrants, confirms and reaffirms without condition,
    all Liens and security interests granted by such Loan Party to the Administrative Agent for their benefit and the benefit of the
    Lenders, pursuant to the Credit Agreement and the other Loan Documents, and acknowledges and agrees that all of such Liens and security
    interests are intended and shall be deemed and construed to continue to secure the Obligations under the Loan Documents, as amended,
    restated, supplemented
or otherwise modified and in effect from time to time, including but not limited to, the Loans made by, and Letters of Credit provided
by, the Administrative Agent and the Lenders to the Borrower and/or the other Loan Parties under the Credit Agreement, and all extensions
renewals, refinancings, amendments or modifications of any of the foregoing;

 

    15

     

    

 

	 	(iv)	agrees
    that this Amendment shall in no manner impair or otherwise adversely affect any of the Liens and security interests granted in or
    pursuant to the Loan Documents; and

 

	 	(v)	acknowledges
    and agrees that: (i) the Guaranty and any obligations incurred thereunder, have been provided in exchange for “reasonably equivalent
    value” (as such term is used under the Bankruptcy Code and applicable state fraudulent transfer laws) and “fair consideration”
    (as such term is used under applicable state fraudulent conveyance laws) or similar term under applicable Debtor Relief Laws and
    (ii) each grant or perfection of a Lien or security interest on any Collateral provided in connection with Loan Documents, this Amendment
    and/or any negotiations with the Administrative Agent and/or the Lenders in connection with a “workout” of the Obligations
    is intended to constitute, and does constitute, a “contemporaneous exchange for new value” (as such term is used in Section
    547 of the Bankruptcy Code) or similar concept under applicable Debtor Relief Laws.

 

	 	(b)	By its
    execution hereof, the Limited Guarantor, in its capacity under the Limited Guarantor, hereby:

 

	 	(i)	expressly
    consents to the amendments and modifications to the Credit Agreement effected hereby;

 

	 	(ii)	expressly
    confirms and agrees that, notwithstanding the effectiveness of this Amendment, the Limited Guaranty, is and shall continue to be,
    in full force and effect and is hereby reaffirmed, ratified and confirmed in all respects and, without limiting the foregoing, agrees
    to be bound by and abide by and operate and perform under and pursuant to and comply fully with all of the terms, conditions, provisions,
    agreements, representations, undertakings, warranties, indemnities, guaranties, grants of security interests and covenants contained
    in the Limited Guaranty; and

 

	 	(iii)	acknowledges
    and agrees that the Limited Guaranty and any obligations incurred thereunder, have been provided in exchange for “reasonably
    equivalent value” (as such term is used under the Bankruptcy Code and applicable state fraudulent transfer laws) and “fair
    consideration” (as such term is used under applicable state fraudulent conveyance laws).

 

    16

     

    

 

	6.	Releases; Waivers.

 

	 	(a)	By
    its execution hereof, each Loan Party (on behalf of itself and its Affiliates) and its successors-in-title, legal representatives
    and assignees and, to the extent the same is claimed by right of, through or under any Loan Party, for its past, present and future
    employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party”
    and collectively, the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed to
    have forever remised, released and discharged, the Administrative Agent, the Lenders and each of the other Secured Parties, and the
    Administrative Agent’s, each Lenders’ and each other Secured Party’s respective successors-in-title, legal representatives
    and assignees, past, present and future officers, directors, affiliates, shareholders, trustees, agents, employees, consultants,
    experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable
    if such persons or entities were found to be liable to any Releasing Party, or any of them (collectively hereinafter, the “Lender
    Parties”), from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims,
    suits, covenants, controversies, damages, judgments, expenses, liens, claims of liens, claims of costs, penalties, attorneys’
    fees, or any other compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever
    nature, whether in law, equity or otherwise (including, without limitation, any so called “lender liability” claims,
    claims for subordination (whether equitable or otherwise), interest or other carrying costs, penalties, legal, accounting and other
    professional fees and expenses and incidental, consequential and punitive damages payable to third parties, or any claims arising
    under 11 U.S.C. §§
541-550 or any claims for avoidance or recovery under any other federal, state or foreign law equivalent), whether known or unknown,
fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual
or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing,
heretofore existing or which may heretofore have accrued against any of the Lender Parties under the Credit Agreement or any of the other
Loan Documents, whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or other
matter, cause or thing occurring at or from any time prior to and including the date hereof, in all cases of the foregoing in any way,
directly or indirectly arising out of, connected with or relating to the Credit Agreement or any other Loan Document and the transactions
contemplated thereby, and all other agreements, certificates, instruments and other documents and statements (whether written or oral)
related to any of the foregoing (each, a “Claim” and collectively, the “Claims”), in each case,
other than Claims arising from Lender Parties’ gross negligence, fraud, or willful misconduct. Each Releasing Party further
stipulates and agrees with respect to all Claims, that it hereby waives, to the fullest extent permitted by applicable law, any and all
provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any principle of common law, that would otherwise
limit a release or discharge of any unknown Claims pursuant to this Section 6.

 

	 	(b)	By
    its execution hereof, each Loan Party hereby (i) acknowledges and confirms that there are no existing defenses, claims, subordinations
    (whether equitable or otherwise), counterclaims or rights of recoupment or setoff against the Administrative Agent, the Lenders or
    any other Secured Parties in connection with the Obligations or in connection with the negotiation, preparation, execution, performance
    or any other matters relating to the Credit Agreement, the other Loan Documents or this Amendment and (ii) expressly waives any setoff,
    counterclaim, recoupment, defense or other right that such Loan Party now has against the Administrative Agent, any Lender or any
    of their respective affiliates, whether in connection with this Amendment, the Credit Agreement and the other Loan Documents, the
    transactions contemplated by this Amendment or the Credit Agreement and the Loan Documents, or any agreement or instrument relating
    thereto.

 

	7.	Entire Agreement.

 

This
Amendment, the Credit Agreement (including giving effect to the amendments set forth in Section 1 above), and the other Loan Documents
(collectively, the “Relevant Documents”), set forth the entire understanding and agreement of the parties hereto in
relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject
matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any
party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges
that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied,
have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of
this Amendment may be changed, modified, waived or cancelled orally or otherwise, except in writing and in accordance with Section 10.01
of the Credit Agreement.

 

    17

     

    

 

	8.	Full Force and Effect of
    Credit Agreement.

 

This
Amendment is a Loan Document (and the Borrower and the other Loan Parties agree that the “Obligations” secured by the
Collateral shall include any and all obligations of the Loan Parties under this Amendment). Except as expressly modified hereby, all
terms and provisions of the Credit Agreement and all other Loan Documents remain in full force and effect and nothing contained in
this Amendment shall in any way impair the validity or enforceability of the Credit Agreement or the Loan Documents, or alter,
waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies
granted therein. This Amendment shall not constitute a modification of the Credit Agreement or any of the other Loan Documents or a
course of dealing with Administrative Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as
to require further notice by Administrative Agent or any Lender to require strict compliance with the terms of the Credit Agreement
and the other Loan Documents in the future, except in each case as expressly set forth herein. The Borrower acknowledges and
expressly agrees that Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all
terms and provisions of the Credit Agreement and the other Loan Documents (subject to any qualifications set forth therein), as
amended herein.

 

	9.	Counterparts; Effectiveness.

 

This
Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 3 above, this
Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile, electronic email or other electronic imaging means (e.g., “pdf”
or “tif”), including DocuSign, shall be effective as delivery of a manually executed counterpart of this Amendment.

 

	10.	Governing Law; Jurisdiction;
    Waiver of Jury Trial.

 

THIS
AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT
OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK.
Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated herein by this reference.

 

    18

     

    

 

	11.	Severability.

 

If
any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of
the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavour in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a
particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

	12.	References.

 

All
references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement and each reference to the “Credit Agreement”, (or the defined term “Agreement”,
“thereunder”, “thereof” of words of like import referring to the Credit Agreement) in the other Loan Documents
shall mean and be a reference to the Credit Agreement as amended hereby and giving effect to the amendments contained in this Amendment.

 

	13.	Successors and Assigns.

 

This
Amendment shall be binding upon the Borrower, the Lenders and the Administrative Agent and their respective successors and assigns, and
shall inure to the benefit of the Borrower, the Lenders and the Administrative Agent and the respective successors and assigns of the
Borrower, the Lenders and the Administrative Agent.

 

[Signature
pages follow]

 

    19

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.
	 	 
	 	By:	/s/ Rodney E. Carlson
	 	Name: 	Rodney E. Carlson
	 	Title:	Treasurer

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	
    Acknowledged and Agreed for purposes of Sections 1, 2, 5(a),
    6 and 8 of the Amendment:

     

    AMERICON EQUIPMENT SERVICES, INC.

 AMERICON, LLC

    BABCOCK & WILCOX CONSTRUCTION CO., LLC

 BABCOCK & WILCOX
    EBENSBURG POWER, LLC

 BABCOCK & WILCOX EQUITY INVESTMENTS, LLC

    BABCOCK & WILCOX HOLDINGS, LLC

    BABCOCK & WILCOX INDIA HOLDINGS,
    INC.

    BABCOCK & WILCOX INTERNATIONAL SALES 

AND SERVICE CORPORATION

    BABCOCK & WILCOX INTERNATIONAL, INC.

    BABCOCK & WILCOX CANADA
    CORP.

    BABCOCK & WILCOX SPIG, INC.

    BABCOCK & WILCOX TECHNOLOGY, LLC

    BABCOCK & WILCOX DE MONTERREY,
    S.A. DE C.V.

    DELTA POWER SERVICES, LLC

    DIAMOND OPERATING CO., INC.

    DIAMOND POWER AUSTRALIA HOLDINGS, INC.

    DIAMOND POWER CHINA HOLDINGS,
    INC.

    DIAMOND POWER EQUITY INVESTMENTS, INC.

    DIAMOND POWER INTERNATIONAL, LLC

    EBENSBURG ENERGY, LLC

    O&M HOLDING COMPANY

    POWER SYSTEMS OPERATIONS, INC.

    SOFCO EFS HOLDINGS LLC

    THE BABCOCK & WILCOX COMPANY

 

	 	By:	/s/ Rodney E. Carlson
	 	Name: 	Rodney E. Carlson
	 	Title:	Treasurer

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	Acknowledged and Agreed for purposes of Section 5(b) of the Amendment:
	 	 
	 	B. RILEY FINANCIAL, INC.
	 	 
	 	By:	/s/ Phil Ahn
	 	Name: 	Phil Ahn
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	Administrative Agent:
	 	 
	 	BANK OF AMERICA, N.A., as
	 	Administrative Agent
	 	 	 
	 	By:	/s/ Bridgett J. Manduk Mowry
	 	Name: 	Bridgett J. Manduk Mowry
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	B. RILEY FINANCIAL, INC., as Term Loan Lender
	 	 
	 	By:	/s/ Phil Ahn
	 	Name: 	Phil Ahn
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	B. RILEY SECURITIES, INC. (f/k/a B. Riley FBR, Inc.), as Term Loan Lender
	 	 
	 	By:	/s/ Michael McCoy
	 	Name:  	Michael McCoy 
	 	Title: 	CFO

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as Lender
	 	 	 
	 	By: 	/s/ Stefanie Tanwar
	 	Name: 	Stefanie Tanwar
	 	Title:	Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	Banc of America Credit Products, Inc, as Lender
	 	 
	 	By:	/s/
    Miles Hanes
	 	Name: 	Miles Hanes
	 	Title:	Authorized Signatory

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	BBVA USA, as Lender
	 	 
	 	By:	/s/ Bruce Bingham
	 	Name:  	Bruce Bingham
	 	Title: 	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	BNP Paribas, as Lender
	 	 
	 	By: 	/s/ Pierre Nicholas Rogers
	 	Name:  	Pierre Nicholas Rogers 
	 	Title: 	Managing Director

 

	 	By:	/s/ Amy Kirschner
	 	Name:  	Amy Kirschner 
	 	Title: 	Managing Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	CITIZENS BANK, N.A., as Lender
	 	 
	 	By:	/s/ David W. Stack
	 	Name: 	David W. Stack
	 	Title:	Senior Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	CRÉDIT AGRICOLE CORPORATE AND
	 	INVESTMENT BANK, as Lender
	 	 
	 	By:	/s/ Yuriy A. Tsyganov
	 	Name: 	Yuriy A. Tsyganov
	 	Title:	Director

 

	 	By:	/s/ Kathleen Sweeney
	 	Name: 	Kathleen Sweeney
	 	Title:	Managing Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	HANCOCK WHITNEY BANK, as Lender
	 	 	 
	 	By:	/s/ Eric K. Sander
	 	Name: 	Eric K. Sander
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	JPMORGAN CHASE BANK, N.A., as Lender
	 	 
	 	By:	/s/ Antje Focke
	 	Name:  	Antje Focke
	 	Title: 	Executive Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 - Signature Page]

 

     

     

    

  

	 	MUFG Bank, Ltd., as Lender
	 	 
	 	By:	/s/ David Helffrich
	 	Name: 	David Helffrich
	 	Title:	Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	The Northan Trust Co, as
    Lender
	 	 
	 	By:	/s/ Robert R. Veltman
	 	Name:  	Robert R. Veltman
	 	Title: 	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	PNC Bank, National Association, as Lender
	 	 
	 	By:	/s/ Linda J McCalmont
	 	Name: 	Linda J McCalmont
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	TD Bank, N.A., as Lender
	 	 
	 	By:	/s/ Bethany Buitenhuys
	 	Name: 	Bethany Buitenhuys
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

  

	 	UniCredit Bank, AG New York Branch, as Lender

 

	 	/s/ Michael D. Novellino 
	 	Michael D. Novellino 
	 	Director

  

	 	/s/ Scott Obeck
	 	Scott Obeck 
	 	Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]

 

     

     

    

 

	 	Wells Fargo Bank, N.A., as Lender
	 	 	 
	 	By:	/s/ Teddy Koch
	 	Name:	Teddy Koch
	 	Title:	Managing Director

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 3 Signature Page]Exhibit 10.9

 

EXECUTION VERSION

 

AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

This
AMENDMENT NO. 4 TO AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”), dated as of March 26, 2021, is among BABCOCK & WILCOX ENTERPRISES, INC.,
a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., in its capacity
as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative
Agent”), and each of the Lenders party hereto, for purposes of Sections 1, 2, 5(a), 6, and 8
hereof, acknowledged and agreed by certain Subsidiaries of the Borrower, as Guarantors, and, for purposes of Section 5(b),
B. Riley Financial, Inc., as Limited Guarantor.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the Administrative
Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement, dated as of May 14, 2020 (as amended through
Amendment No. 1, dated as of October 30, 2020, Amendment No. 2, dated as of February 8, 2021, Amendment No. 3, dated as of March 4, 2021,
and from time to time further amended, supplemented, restated, amended and restated or otherwise modified the “Credit Agreement”;
capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement
(as amended hereby)), pursuant to which the Revolving Credit Lenders have provided the Revolving Credit Facility to the Borrower and the
Term Loan Lenders have provided the Term Loan Facility to the Borrower; and

 

WHEREAS, the Borrower has requested that
the Administrative Agent and the Required Lenders agree to, among other items, (i) amend Section 7.01 (Indebtedness) to permit
the incurrence of unsecured bonds in an additional principal amount of up to $150,000,000 and (ii) modify the calculation of the Senior
Leverage Ratio used to determine compliance with Section 7.16(b) (Senior Leverage Ratio) of the Credit Agreement; and

 

WHEREAS, the Borrower, the Administrative
Agent and the Lenders signatory hereto are willing to effect such amendments on the terms and conditions contained in this Amendment.

 

NOW, THEREFORE, in consideration of the premises and
further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

		1.	Amendments to the Credit Agreement.

 

The Credit Agreement is, effective as of the Amendment No. 4 Effective
Date, hereby amended as follows:

 

		(a)	Section 1.01 (Defined Terms) of the Credit Agreement
shall be amended by inserting the following new definitions in the appropriate alphabetical order in Section 1.01:

 

“Additional Notes Indebtedness” means Notes Indebtedness
issued pursuant to Section 7.01(q)(y).

 

     

     

    

 

“Amendment No. 4” means that
certain Amendment No. 4, dated as of the Amendment No. 4 Effective Date, by and among the Loan Parties, the Administrative Agent and the
Lenders party thereto.

 

“Amendment No. 4 Effective Date”
means March 26, 2021, the date on which the conditions precedent to the effectiveness of Amendment No. 4 were satisfied.

 

“Cash Balance” means the aggregate
amount of the unrestricted cash and Cash Equivalents held by the Borrower and its Subsidiaries.

 

“Existing Notes Indenture”
has the meaning specified in Section 7.01(q).

 

“Test Date” has the meaning
specified in Section 2.09(d)(iv)(B).

 

		(b)	The definition of “Commitment Reduction Amount”
in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting the text underlined below to read in its
entirety as follows:

 

“Commitment Reduction
Amount” means (x) for reductions under the Revolving Credit Commitments, (a) with respect to any Prepayment Event under
clause (a) of the definition thereof, the Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to
make such a prepayment (including any amount that may be retained by the Borrower pursuant to Section 2.05(b)(iv)), provided that
with respect to any Prepayment Event under clause (a)(iii), such Commitment Reduction Amount shall be only an amount equal to 50% of
the Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to make such a prepayment, (b) with respect
to the issuance or other incurrence by the Borrower or any of its Subsidiaries of any unsecured Indebtedness pursuant to either (x)
Section 7.01(i) in an aggregate principal amount outstanding in excess of $15,000,000 or (y) Section 7.01(o), in each case other
than any such Indebtedness that constitutes Subordinated Debt, an amount equal to 50% of the aggregate principal amount of the
incurrence of such Indebtedness and (c) with respect to the issuance or other incurrence by the Borrower or any of its Subsidiaries
of any Notes Indebtedness (other than (i) Additional Notes Indebtedness or (ii) as a result of a Cashless Term Loan
Prepayment), an amount equal to 75% of the aggregate principal amount of the incurrence of such Indebtedness and (y) for reductions
under the Term Loan Working Capital Commitments, with respect to any Prepayment Event under clause (a)(iii) of the definition
thereof in connection with Prepayment Events, an amount equal to 50% of the Net Cash Proceeds of such event required to be utilized
pursuant to Section 2.05(b) to make such a prepayment.

 

    2

     

    

 

		(c)	Clause (b) of the definition of “Prepayment Event”
in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting the text underlined below to read in its
entirety as follows:

 

(b) the incurrence by the Borrower or any of its
Subsidiaries of any Indebtedness, other than Indebtedness permitted under Section 7.01, but including any Notes Indebtedness permitted
pursuant to Section 7.01(q)(x).

 

		(d)	The definition of “Senior Leverage Ratio”
in Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting the text underlined below to read in its
entirety as follows:

 

“Senior
Leverage Ratio” means, with respect to the Borrower and its Subsidiaries as of any day, the ratio of (a) Financial
Covenant Debt of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP as of such day to (b)
EBITDA for the Borrower and its Subsidiaries for the last four full Fiscal Quarters ending on or prior to such day for which the
financial statements and certificates required by Section 6.01(a) or 6.01(b) have been delivered; provided that, solely for the
purposes of calculating the Senior Leverage Ratio to determine compliance with Section 7.16(b), the Cash Balance that exceeds
$30,000,000 as of such day shall be subtracted from Financial Covenant Debt.

 

		(e)	Clause (iv)(B) of Section 2.09(d) (Existing Credit Agreement
Fees) shall be amended and restated in its entirety as follows:

 

(B) the remainder of the outstanding
Deferred Ticking Fees and Other Amendment Fees shall be payable on the earlier of (a) the last day of the Availability Period with
respect to the Revolving Credit Facility and (b) the later of (I) the date on which the Borrower incurs Additional Notes
Indebtedness in an aggregate principal amount that exceeds $30,000,000 and (II) the later of (x) each date set forth below with
respect to each corresponding “Aggregate Amount Payable” if the Revolving Credit Facility Termination Date does not
occur prior to or simultaneously with such date and (y) the last Business Day of any calendar month (any such date, a “Test
Date”) on which the Cash Balance exceeds $50,000,000, provided that, if after giving pro forma effect to the
payment of such portion of fees owed under this Section 2.09(d)(iv)(B) the Cash Balance does not exceed $50,000,000, (i) such
payment shall not exceed the amount that would cause the Cash Balance to equal $50,000,000 and (ii) accumulated unpaid amounts of
such portion or portions of such fees shall be paid on the next Test Date on which the Cash Balance exceeds $50,000,000 in an amount
not to exceed the amount that would cause the Cash Balance to equal $50,000,000 after giving pro forma effect to the payment
of such fees; provided that the Deferred Ticking Fees and Other Amendment Fees shall be waived in the amounts set forth below in the
column titled “Aggregate Amount Waived”, if the Revolving Credit Facility Termination Date occurs on or before the date
as set forth below:

 

	Date	 	Aggregate Amount Waived	 	 	Aggregate Amount Payable	 
	 	 	 	 	 	 	 
	June 30, 2021	 	$	9,000,000.00	 	 	$	3,000,000.00	 
	 	 	 	 	 	 	 	 	 
	July 31, 2021	 	$	6,000,000.00	 	 	$	3,000,000.00	 
	 	 	 	 	 	 	 	 	 
	August 31, 2021	 	$	3,000,000.00	 	 	$	1,500,000.00	 
	 	 	 	 	 	 	 	 	 
	September 30, 2021	 	$	1,500,000.00	 	 	$	750,000.00	 
	 	 	 	 	 	 	 	 	 
	October 31, 2021	 	$	750,000.00	 	 	$	375,000.00	 
	 	 	 	 	 	 	 	 	 
	November 30, 2021	 	$	375,000.00	 	 	$	375,000.00	 

 

    3

     

    

 

		(f)	Section 6.01(d) (Monthly Reports) of the Credit Agreement
shall be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows:

 

Within 15 days after the end of each calendar
month, (i) a consolidated balance sheet and profit and loss statement, (ii) segment-level profit and loss statements, in each case, relating
to the most recently ended calendar month and with commentary by management on financial and operational performance, and
(iii) the certificate described in Section 7.18 (Minimum Liquidity), and (iv) beginning with the calendar month ending June 30, 2021,
a certificate of a Responsible Officer certifying the Cash Balance as of the immediately preceding Test Date.

 

		(g)	Clause (q) of Section 7.01 (Indebtedness) of the Credit
Agreement shall be amended by inserting the text underlined below to read in its entirety as follows:

 

(q) (x) Notes Indebtedness of
the Borrower issued on or prior to February 17, 2021 in an aggregate principal amount not to exceed $165,000,000 (plus the
principal amount of Term Loans converted or exchanged into Notes Indebtedness pursuant to a Cashless Term Loan Prepayment) at any
time outstanding and (y) Additional Notes Indebtedness of the Borrower issued on or after the Amendment No. 4 Effective Date in
an aggregate amount not to exceed $150,000,000 at any time outstanding; provided that (i) at the time of any issuance thereof,
no Default or Event of Default shall have occurred and be continuing or may result therefrom, (ii) such Notes Indebtedness shall
mature no earlier than February 8, 2026 and shall not have any scheduled amortization or payments of principal prior to such
maturity date, (iii) the documentation governing such Notes Indebtedness shall not require any mandatory prepayments, redemptions or
sinking fund obligations prior to the Revolving Credit Facility Termination Date, other than a customary acceleration right after an
event of default, (iv) the interest rate applicable to such Notes Indebtedness shall not exceed the rate in effect on the date of
issuance of such Notes Indebtedness (which shall in no event exceed 9.00% per annum or, with respect to the Additional Notes
Indebtedness, 10.50% per annum), plus the default rate in effect on the date of issuance of such Notes (which shall in no
event exceed 4.00% per annum), provided that such default interest shall only accrue and not be paid in cash, (v) the documentation
governing such Notes Indebtedness shall not be modified to add any event of default or add or make more restrictive to the Borrower
or any Loan Party or its subsidiaries any covenant as set forth in the form of base Indenture, as supplemented by the form of First
Supplemental Indenture, in each case, delivered to the Administrative Agent on February 7, 2021 (such base Indenture together
with the First Supplemental Indenture, the “Existing Notes Indenture”) and at no time shall the documentation governing
Additional Notes Indebtedness include any event of default in addition to or covenant more restrictive to the Borrower or any Loan
Party or its subsidiaries than the events of default or covenants as set forth in the Existing Notes Indenture, and (vi) such
Notes Indebtedness shall continue to be unsecured and shall not be guaranteed by any Person;

 

    4

     

    

 

2. Additional Agreements
and Acknowledgments

 

		(a)	The Borrower agrees to pay, or cause to be paid, to the Administrative
Agent, for the account of each Revolving Credit Lender who consented to this Amendment by executing and delivering to the Administrative
Agent a signature page hereto on or prior to the Amendment No. 4 Effective Date, a work fee of $50,000, which fee shall be earned on
the Amendment No. 4 Effective Date and shall be payable in immediately available funds upon the Amendment No. 4 Effective Date; provided
that, if the aggregate amount of such fees payable under this Section 2(a) exceeds $700,000, the aggregate amount of such fees shall
be reduced by the excess thereof and such reduced fees shall be allocated equally among each such consenting Revolving Credit Lender
(the fees under this Section 2(a), the “Work Fees”).

 

		(b)	Notwithstanding any notice requirement set forth in Section
2.05(a)(i)(D) of the Credit Agreement and any payment requirements set forth in Section 2.12(a), the parties hereto agree, and the Term
Loan Lenders hereby acknowledge, that on March 4, 2021 the Borrower made the Amendment No. 3 Term Loan Prepayment in the amount of $75,000,000,
which was applied to the Fixed Rate Loans as follows: Tranche A-3 Term Loans in the amount of $40,000,000, Tranche A-4 Term Loans in
the amount of $30,000,000 and Tranche A-6 Term Loans in the amount of $5,000,000. The parties hereto agree, and the Term Loan Lenders
hereby acknowledge, that as of March 4, 2021, the following amounts of Fixed Rate Loans are deemed outstanding: Tranche A-3 Term Loans
in the amount of $73,330,152.36, Tranche A-4 Term Loans in the amount of $0.00 and Tranche A- 6 Term Loans in the amount of $0.00.

 

		(c)	The parties hereto agree, and the Term Loan Lenders hereby
acknowledge, that payment of all accrued interest on the Amendment No. 3 Term Loan Prepayment required to be made pursuant to Section
2.05(a)(i) of the Credit Agreement shall instead be paid on the Interest Payment Date with respect to Fixed Rate Loans immediately following
the Amendment No. 4 Effective Date, which payment shall be made in accordance with Section 2.12(a) of the Credit Agreement.

 

		(d)	The Borrower and the other Loan Parties each acknowledge and
agree that the breach or failure to comply in any respect with the terms and conditions of this Section 2 shall constitute an
immediate Event of Default under Section 8.01 of the Credit Agreement.

 

    5

     

    

 

		3.	Effectiveness; Conditions Precedent.

 

The amendments contained herein shall only be
effective upon the satisfaction or waiver of each of the following conditions precedent (the date of satisfaction or waiver, the “Amendment
No. 4 Effective Date”):

 

		(a)	the Administrative Agent shall have received each of the following
documents or instruments in form and substance acceptable to the Administrative Agent:

 

		(i)	counterparts of this Amendment executed by the Loan Parties,
the Limited Guarantor, the Administrative Agent, the Required Lenders and each Term Loan Lender; and

 

		(ii)	a certificate of the chief financial officer or treasurer of
the Borrower certifying that as of the Amendment No. 4 Effective Date (A) all of the representations and warranties in this Amendment
are true and correct in all material respects (or, to the extent any such representation and warranty is modified by a materiality or
Material Adverse Effect standard, in all respects) as of such date (except to the extent that such representations and warranties expressly
relate to an earlier date, in which case they shall be true and correct in all material respects (or, to the extent any such representation
and warranty is modified by a materiality or Material Adverse Effect standard, in all respects) as of such earlier date), (B) no Default
shall exist, or would result from the occurrence of the Amendment No. 4 Effective Date and (C) that since December 31, 2020, there have
not occurred any facts, circumstances, changes, developments or events which, individually or in the aggregate, have constituted or would
reasonably be expected to result in, a Material Adverse Effect.

 

		(b)	the Administrative Agent shall have received on account of
each Revolving Credit Lender who consented to this Amendment, the Work Fee;

 

    6

     

    

 

		(c)	without prejudice to, or limiting the Borrower’s obligations
under, Section 10.04 (Expenses; Indemnity; Damage Waiver) of the Credit Agreement, all outstanding fees, costs and expenses due
to the Administrative Agent and the Lenders, including on account of Agent’s Legal Advisor and FTI, shall have been paid in full
to the extent that the Borrower has received an invoice therefor (with reasonable and customary supporting documentation) at least two
Business Days prior to the Amendment No. 4 Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses
to the extent not so invoiced); and

 

		(d)	each of the representations and warranties made by the Borrower
in Section 4 hereof shall be true and correct.

 

The Administrative Agent agrees that it will,
upon the satisfaction or waiver of the conditions contained in this Section 3, promptly provide written notice to the Borrower,
and the Lenders of the effectiveness of this Amendment.

 

		4.	Representations and Warranties.

 

In order to induce the Administrative Agent and
the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders, for itself
and for each other Loan Party, as follows:

 

		(a)	that both immediately prior to and immediately after giving
effect to this Amendment, no Default or Event of Default exists;

 

		(b)	the representations and warranties contained in the Credit
Agreement are true and correct in all material respects on and as of the date hereof (except to the extent that such representations
and warranties (i) specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of
such earlier date and (ii) contain a materiality or Material Adverse Effect qualifier, in which case such representations and warranties
shall be true and correct in all respects);

 

		(c)	the execution, delivery and performance by the Borrower and
the other Loan Parties of this Amendment and the consummation of the transactions contemplated hereby have been duly authorized by all
necessary corporate, limited liability company or partnership action, including the consent of shareholders, partners and members where
required, do not contravene any Loan Party or any of its Subsidiaries’ respective Constituent Documents, do not violate any Requirement
of Law applicable to any Loan Party or any order or decree of any Governmental Authority or arbiter applicable to any Loan Party and
do not require the consent of, authorization by, approval of, notice to, or filing or registration with, any Governmental Authority or
any other Person in order to be effective and enforceable;

 

		(d)	this Amendment has been duly executed and delivered on behalf
of the Borrower and the other Loan Parties;

 

    7

     

    

 

		(e)	this Amendment constitutes a legal, valid and binding obligation
of the Borrower and the other Loan Parties enforceable against the Borrower and the other Loan Parties in accordance with its terms,
except as may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, Debtor Relief Laws or similar laws affecting
the enforcement of creditors’ rights generally and by general principles of equity; and

 

		(f)	as of the date hereof, all Liens, security interests, assignments
and pledges encumbering the Collateral, created pursuant to and/or referred to in the Credit Agreement or the other Loan Documents, are
valid, enforceable, duly perfected to the extent required by the Loan Documents, non-avoidable, first priority liens, security interests,
assignments and pledges (subject to Liens permitted by Section 7.02 of the Credit Agreement), continue unimpaired, are in full force
and effect and secure and shall continue to secure all of the obligations purported to be secured in the respective Security Instruments
pursuant to which such Liens were granted.

 

		5.	Consent, Acknowledgement and Reaffirmation of Indebtedness and
Liens.

 

		(a)	By its execution hereof, each Loan Party, in its capacity under
each of the Loan Documents to which it is a party (including the capacities of debtor, guarantor, grantor and pledgor, as applicable,
and each other similar capacity, if any, in which such party has granted Liens on all or any part of its properties or assets, or otherwise
acts as an accommodation party, guarantor, indemnitor or surety with respect to all or any part of the Obligations), hereby:

 

		(i)	expressly consents to the amendments and modifications to the
Credit Agreement effected hereby;

 

		(ii)	expressly confirms and agrees that, notwithstanding the effectiveness
of this Amendment, each Loan Document to which it is a party is, and all of the obligations and liabilities of such Loan Party to the
Administrative Agent, the Lenders and each other Secured Party contained in the Loan Documents to which it is a party (in each case,
as amended and modified by this Amendment), are and shall continue to be, in full force and effect and are hereby reaffirmed, ratified
and confirmed in all respects and, without limiting the foregoing, agrees to be bound by and abide by and operate and perform under and
pursuant to and comply fully with all of the terms, conditions, provisions, agreements, representations, undertakings, warranties, indemnities,
guaranties, grants of security interests and covenants contained in the Loan Documents;

 

    8

     

    

 

		(iii)	to the extent such party has granted Liens or security interests
on any of its properties or assets pursuant to any of the Loan Documents to secure the prompt and complete payment, performance and/or
observance of all or any part of its Obligations to the Administrative Agent, the Lenders, and/or any other Secured Party, acknowledges,
ratifies, remakes, regrants, confirms and reaffirms without condition, all Liens and security interests granted by such Loan Party to
the Administrative Agent for their benefit and the benefit of the Lenders, pursuant to the Credit Agreement and the other Loan Documents,
and acknowledges and agrees that all of such Liens and security interests are intended and shall be deemed and construed to continue
to secure the Obligations under the Loan Documents, as amended, restated, supplemented or otherwise modified and in effect from time
to time, including but not limited to, the Loans made by, and Letters of Credit provided by, the Administrative Agent and the Lenders
to the Borrower and/or the other Loan Parties under the Credit Agreement, and all extensions renewals, refinancings, amendments or modifications
of any of the foregoing;

 

		(iv)	agrees that this Amendment shall in no manner impair or otherwise
adversely affect any of the Liens and security interests granted in or pursuant to the Loan Documents; and

 

		(v)	acknowledges and agrees that: (i) the Guaranty and any obligations
incurred thereunder, have been provided in exchange for “reasonably equivalent value” (as such term is used under the Bankruptcy
Code and applicable state fraudulent transfer laws) and “fair consideration” (as such term is used under applicable state
fraudulent conveyance laws) or similar term under applicable Debtor Relief Laws and (ii) each grant or perfection of a Lien or security
interest on any Collateral provided in connection with Loan Documents, this Amendment and/or any negotiations with the Administrative
Agent and/or the Lenders in connection with a “workout” of the Obligations is intended to constitute, and does constitute,
a “contemporaneous exchange for new value” (as such term is used in Section 547 of the Bankruptcy Code) or similar concept
under applicable Debtor Relief Laws.

 

		(b)	By its execution hereof, the Limited Guarantor, in its capacity
under the Limited Guarantor, hereby:

 

		(i)	expressly consents to the amendments and modifications to
the Credit Agreement effected hereby;

 

    9

     

    

 

		(ii)	expressly confirms and agrees that, notwithstanding the effectiveness
of this Amendment, the Limited Guaranty, is and shall continue to be, in full force and effect and is hereby reaffirmed, ratified and
confirmed in all respects and, without limiting the foregoing, agrees to be bound by and abide by and operate and perform under and pursuant
to and comply fully with all of the terms, conditions, provisions, agreements, representations, undertakings, warranties, indemnities,
guaranties, grants of security interests and covenants contained in the Limited Guaranty; and

 

		(iii)	acknowledges and agrees that the Limited Guaranty and any
obligations incurred thereunder, have been provided in exchange for “reasonably equivalent value” (as such term is used under
the Bankruptcy Code and applicable state fraudulent transfer laws) and “fair consideration” (as such term is used under applicable
state fraudulent conveyance laws).

 

		6.	Releases; Waivers.

 

		(a)	By its execution hereof, each Loan Party (on behalf of itself
and its Affiliates) and its successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right
of, through or under any Loan Party, for its past, present and future employees, agents, representatives, officers, directors, shareholders,
and trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does hereby
remise, release and discharge, and shall be deemed to have forever remised, released and discharged, the Administrative Agent, the Lenders
and each of the other Secured Parties, and the Administrative Agent’s, each Lenders’ and each other Secured Party’s
respective successors-in-title, legal representatives and assignees, past, present and future officers, directors, affiliates, shareholders,
trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to
whom any of the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them
(collectively hereinafter, the “Lender Parties”), from any and all manner of action and actions, cause and causes
of action, claims, charges, demands, counterclaims, suits, covenants, controversies, damages, judgments, expenses, liens, claims of liens,
claims of costs, penalties, attorneys’ fees, or any other compensation, recovery or relief on account of any liability, obligation,
demand or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation, any so called “lender
liability” claims, claims for subordination (whether equitable or otherwise), interest or other carrying costs, penalties, legal,
accounting and other professional fees and expenses and incidental, consequential and punitive damages payable to third parties, or any
claims arising under 11 U.S.C. §§ 541-550 or any claims for avoidance or recovery under any other federal, state or foreign
law equivalent), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or
secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or
unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore have accrued against any of the Lender
Parties under the Credit Agreement or any of the other Loan Documents, whether held in a personal or representative capacity, and which
are based on any act, fact, event or omission or other matter, cause or thing occurring at or from any time prior to and including the
date hereof, in all cases of the foregoing in any way, directly or indirectly arising out of, connected with or relating to the Credit
Agreement or any other Loan Document and the transactions contemplated thereby, and all other agreements, certificates, instruments and
other documents and statements (whether written or oral) related to any of the foregoing (each, a “Claim” and collectively,
the “Claims”), in each case, other than Claims arising from Lender Parties’ gross negligence, fraud, or willful
misconduct. Each Releasing Party further stipulates and agrees with respect to all Claims, that it hereby waives, to the fullest extent
permitted by applicable law, any and all provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any
principle of common law, that would otherwise limit a release or discharge of any unknown Claims pursuant to this Section 6.

 

    10

     

    

 

		(b)	By its execution hereof, each Loan Party hereby (i) acknowledges
and confirms that there are no existing defenses, claims, subordinations (whether equitable or otherwise), counterclaims or rights of
recoupment or setoff against the Administrative Agent, the Lenders or any other Secured Parties in connection with the Obligations or
in connection with the negotiation, preparation, execution, performance or any other matters relating to the Credit Agreement, the other
Loan Documents or this Amendment and (ii) expressly waives any setoff, counterclaim, recoupment, defense or other right that such Loan
Party now has against the Administrative Agent, any Lender or any of their respective affiliates, whether in connection with this Amendment,
the Credit Agreement and the other Loan Documents, the transactions contemplated by this Amendment or the Credit Agreement and the Loan
Documents, or any agreement or instrument relating thereto.

 

		7.	Entire Agreement.

 

This Amendment, the Credit Agreement
(including giving effect to the amendments set forth in Section 1 above), and the other Loan Documents (collectively, the
“Relevant Documents”), set forth the entire understanding and agreement of the parties hereto in relation to the
subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No
promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party
hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto
acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments,
express or implied, have been made by any party to any other party in relation to the subject matter hereof or thereof. None of the
terms or conditions of this Amendment may be changed, modified, waived or cancelled orally or otherwise, except in writing and in
accordance with Section 10.01 of the Credit Agreement.

 

		8.	Full Force and Effect of Credit Agreement.

 

This Amendment is a Loan Document (and the Borrower
and the other Loan Parties agree that the “Obligations” secured by the Collateral shall include any and all obligations of
the Loan Parties under this Amendment). Except as expressly modified hereby, all terms and provisions of the Credit Agreement and all
other Loan Documents remain in full force and effect and nothing contained in this Amendment shall in any way impair the validity or enforceability
of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary, affect, or impair any provisions, conditions, or covenants
contained therein or any rights, powers, or remedies granted therein. This Amendment shall not constitute a modification of the Credit
Agreement or any of the other Loan Documents or a course of dealing with Administrative Agent or the Lenders at variance with the Credit
Agreement or the other Loan Documents such as to require further notice by Administrative Agent or any Lender to require strict compliance
with the terms of the Credit Agreement and the other Loan Documents in the future, except in each case as expressly set forth herein.
The Borrower acknowledges and expressly agrees that Administrative Agent and the Lenders reserve the right to, and do in fact, require
strict compliance with all terms and provisions of the Credit Agreement and the other Loan Documents (subject to any qualifications set
forth therein), as amended herein.

 

		9.	Counterparts; Effectiveness.

 

This Amendment may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. Except as provided in Section 3 above, this Amendment shall become effective when it shall
have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken
together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Amendment
by facsimile, electronic email or other electronic imaging means (e.g., “pdf” or “tif”), including DocuSign, shall
be effective as delivery of a manually executed counterpart of this Amendment.

 

    11

     

    

 

		10.	Governing Law; Jurisdiction; Waiver of Jury Trial.

 

THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND
THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated herein by this reference.

 

		11.	Severability.

 

If any provision of this Amendment is held to
be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall
not be affected or impaired thereby and (b) the parties shall endeavour in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid
or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such
provision in any other jurisdiction.

 

		12.	References.

 

All references in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement and each reference
to the “Credit Agreement”, (or the defined term “Agreement”, “thereunder”, “thereof” of
words of like import referring to the Credit Agreement) in the other Loan Documents shall mean and be a reference to the Credit Agreement
as amended hereby and giving effect to the amendments contained in this Amendment.

 

		13.	Successors and Assigns.

 

This Amendment shall be binding upon the Borrower,
the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Borrower,
the Lenders and the Administrative Agent and the respective successors and assigns of the Borrower, the Lenders and the Administrative
Agent.

 

[Signature pages follow]

 

    12

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be made, executed and delivered by their duly authorized officers as of the day and year first above written.

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.
	 	 	 
	 	By:	/s/ Rodney E. Carlson
	 	Name: 	Rodney E. Carlson
	 	Title:	Treasurer

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment
No. 4  Signature Page]

 

     

     

    

 

	 	Acknowledged and Agreed for purposes of Sections 1, 2, 5(a), 6 and 8 of the Amendment:
	 	 
	 	AMERICON EQUIPMENT SERVICES, INC. 

AMERICON, LLC
	 	BABCOCK & WILCOX CONSTRUCTION CO., LLC 

BABCOCK & WILCOX EBENSBURG POWER, LLC 

BABCOCK & WILCOX EQUITY INVESTMENTS, LLC
	 	BABCOCK & WILCOX HOLDINGS, LLC 

BABCOCK & WILCOX INDIA HOLDINGS, INC. 

BABCOCK & WILCOX INTERNATIONAL SALES AND 

SERVICE CORPORATION
	 	BABCOCK & WILCOX INTERNATIONAL, INC. 

BABCOCK & WILCOX CANADA CORP. 

BABCOCK & WILCOX SPIG, INC.
	 	BABCOCK & WILCOX TECHNOLOGY, LLC 

BABCOCK & WILCOX DE MONTERREY, S.A. DE C.V.
	 	DELTA POWER SERVICES, LLC 

DIAMOND OPERATING CO., INC.
	 	DIAMOND POWER AUSTRALIA HOLDINGS, INC. 

DIAMOND POWER CHINA HOLDINGS, INC. 

DIAMOND POWER EQUITY INVESTMENTS, INC. 

DIAMOND POWER INTERNATIONAL, LLC 

EBENSBURG ENERGY, LLC
	 	O&M HOLDING COMPANY
	 	POWER SYSTEMS OPERATIONS, INC. 

SOFCO EFS HOLDINGS LLC
	 	THE BABCOCK & WILCOX COMPANY
	 	 	 
	 	By:	/s/ Rodney E. Carlson                                                
	 	Name: 	Rodney E. Carlson
	 	Title:	Treasurer

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment
No. 4  Signature Page]

 

     

     

    

 

	 	Acknowledged and Agreed for purposes of Section 5(b) of
  the Amendment:
	 	 
	 	B. RILEY FINANCIAL, INC.
	 	 
	 	By: 	/s/ Phil Ahn     
	 	Name: 	Phil Ahn
	 	Title:	CFO

 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment
No. 4  Signature Page]

 

     

     

    

 

	 	Administrative Agent:
	 	 
	 	BANK OF AMERICA, N.A., as
	 	Administrative Agent
	 	 
	 	By: 	/s/ Bridgett J. Manduk Mowry 
	 	Name:	Bridgett J. Manduk Mowry 
	 	Title:	Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc.

 Amendment No. 4 Signature Page]

 

     

     

    

 

	 	Banc of America Credit Products, Inc, as
Lender
	 	 
	 	By: 	/s/Austin
Penland
	 	Name:	Austin
Penland
	 	Title:	AVP

 

 

[Babcock & Wilcox Enterprises,
Inc.

 Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	Bank of America, N.A., as Lender
	 	 
	 	By: 	/s/ Stefanie Tanwar
	 	Name:	 Stefanie Tanwar
	 	Title:	 Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	The
Bank of Nova Scotia, as Lender
	 	 
	 	By: 	/s/ Hiliary Lai
	 	Name:	 Hiliary Lai
	 	Title:	 Senior Manager
	 	 
	 	By: 	/s/ Justin Mitges
	 	Name:	 Justin Mitges
	 	Title:	  Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	BBVA USA       , as Lender
	 	 
	 	By: 	/s/ BRUCE BINGHAM
	 	Name:	  BRUCE BINGHAM
	 	Title:	 VICE PRESIDENT

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	BNP Paribas, as Lender
	 	 
	 	By: 	/s/ Pierre Nicholas Rogers
	 	Name:	  Pierre Nicholas Rogers
	 	Title:	 Managing
Director
	 	 	 
	 	By:	/s/ Amy Kirschner 
	 	Name:	Amy Kirschner 
	 	Title:	Managing
Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	CITIZENS BANK, N.A., as Lender
	 	 
	 	By: 	/s/ David W. Stack
	 	Name:	  David W. Stack
	 	Title:	 Senior Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	CRÉDIT AGRICOLE CORPORATE
	 	AND
INVESTMENT BANK, as Lender
	 	 
	 	By: 	/s/ Yuriy A. Tsyganov
	 	Name:	  Yuriy A. Tsyganov
	 	Title:	  Director
	 	 	 
	 	By:	/s/ Kathleen Sweeney
	 	Name:	Kathleen Sweeney
	 	Title:	Managing
Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	Hancock Whitney Bank, as Lender
	 	 
	 	By: 	/s/ Eric K. Sander
	 	Name:	  Eric K. Sander
	 	Title:	 Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Lender
	 	 
	 	By: 	/s/ Antje Focke
	 	Name:	  Antje Focke
	 	Title:	  Executive Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	MUFG Bank, Ltd., as Lender
	 	 
	 	By: 	/s/David Helffrich
	 	Name:	  David Helffrich
	 	Title:	 Director

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	The Northern Trust Co, as Lender
	 	 
	 	By: 	/s/ Robert R. Veltman
	 	Name:	  Robert R. Veltman
	 	Title:	 Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	PNC Bank, National Association, as Lender
	 	 
	 	By: 	/s/ Linda McCalmont
	 	Name:	  Linda McCalmont
	 	Title:	 Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	TD Bank, N.A., as Lender
	 	 
	 	By: 	/s/ Bethany Buitenhuys
	 	Name:	  Bethany Buitenhuys
	 	Title:	 Vice President

 

 

[Babcock & Wilcox Enterprises,
Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	UniCredit Bank, AG, New York Branch, as Lender
	 	 
	 	/s/ Michael D. Novellino
	 	  Michael D. Novellino
	 	
Director
	 	 
	 	/s/ Scott Obeck
	 	Scott Obeck 
	 	
Director

 

 

[Babcock & Wilcox
Enterprises, Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	U.S. Bank, N.A., as Lender
	 	 
	 	By: 	/s/ David C. Heyson 
	 	Name:	   David C. Heyson
	 	Title:	
Senior Vice President

 

 

[Babcock & Wilcox
Enterprises, Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	Wells Fargo Bank, N.A., as Lender
	 	 
	 	By: 	/s/ Teddy Koch
	 	Name:	   Teddy Koch
	 	Title:	
Managing
Director

 

 

[Babcock & Wilcox
Enterprises, Inc. 

Amendment No. 4 - Signature Page]

 

     

     

    

 

	 	B. RILEY SECURITIES, INC. (f/k/a B. Riley FBR,
                  Inc.), as Term Loan Lender

	 	 
	 	By: 	/s/ Michael McCoy
	 	Name:	   Michael McCoy
	 	Title:	
CFO

 

 

[Babcock & Wilcox
Enterprises, Inc. 

Amendment No. 4  Signature Page]

 

     

     

    

 

	 	B. RILEY FINANCIAL, INC., as
                  Term Loan Lender

	 	 
	 	By: 	/s/  Phil Ahn
	 	Name:	    Phil Ahn
	 	Title:	
CFO

 

 

[Babcock & Wilcox
Enterprises, Inc. 

Amendment No. 4  Signature Page]

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