Document:

Form of Intellectual Property Agreement- Babcock &amp; Wilcox Government

 Exhibit 10.25 

FORM OF 
 INTELLECTUAL PROPERTY
AGREEMENT 
 between 

BABCOCK & WILCOX GOVERNMENT & NUCLEAR OPERATIONS, INC. 

and 
 BABCOCK & WILCOX
POWER GENERATION GROUP, INC. 
 dated as of 

                    
        , 2015 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
		DEFINITIONS		 	2	  
			
	 Section 1.1
		Definitions		 	2	  
			
	 Section 1.2
		Interpretation		 	4	  
			
	 ARTICLE II
		INTELLECTUAL PROPERTY ASSIGNMENT AND OWNERSHIP		 	6	  
			
	 Section 2.1
		Assignment of Transferred Intellectual Property		 	6	  
			
	 Section 2.2
		Actions; Correspondence		 	7	  
			
	 ARTICLE III
		NO WARRANTIES		 	7	  
			
	 ARTICLE IV
		MISCELLANEOUS		 	7	  
			
	 Section 4.1
		Authority		 	7	  
			
	 Section 4.2
		Entire Agreement		 	8	  
			
	 Section 4.3
		Binding Effect; Third-Party Beneficiaries; Assignment		 	8	  
			
	 Section 4.4
		Amendment		 	8	  
			
	 Section 4.5
		Failure or Indulgence Not Waiver; Remedies Cumulative		 	8	  
			
	 Section 4.6
		Notices		 	8	  
			
	 Section 4.7
		Counterparts		 	8	  
			
	 Section 4.8
		Severability		 	8	  
			
	 Section 4.9
		Governing Law		 	9	  
			
	 Section 4.10
		Construction		 	9	  
			
	 Section 4.11
		Performance		 	9	  
			
	SCHEDULES						
	 Schedule 2.1(a)
		Transferred GNO Intellectual Property				
			
	EXHIBITS						
	 Exhibit A
		Intellectual Property Assignment Agreements				

  
 i 

 INTELLECTUAL PROPERTY AGREEMENT 

This INTELLECTUAL PROPERTY AGREEMENT (this “Agreement”) is entered into as of
                    , 2015 (the “Effective Date”), between Babcock & Wilcox Government & Nuclear Operations, Inc., a
Delaware corporation, (“GNO”) and Babcock & Wilcox Power Generation Group, Inc., a Delaware corporation (“PGG”). GNO and PGG are sometimes referred to herein individually as a “Party,” and collectively as the
“Parties.” Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Article 1 hereof. 

RECITALS 
 WHEREAS,
Babcock & Wilcox Enterprises, Inc., a Delaware corporation (“SpinCo”) is a wholly owned Subsidiary of The Babcock & Wilcox Company (“RemainCo”) and the Board of Directors of RemainCo has determined that it would
be appropriate and in the best interests of RemainCo and its stockholders for RemainCo to separate the SpinCo Business from the RemainCo Business; 

WHEREAS, in order to effectuate the foregoing, RemainCo and SpinCo intend to enter into a Master Separation Agreement (the “Master
Separation Agreement”), which will provide, among other things, upon the terms and subject to the conditions thereof, for the separation of the respective businesses of SpinCo and RemainCo and the distribution of the Capital Stock of SpinCo to
the public shareholders of RemainCo (the “Distribution”) as defined in the Master Separation Agreement as of the date set forth in the Master Separation Agreement (the “Distribution Date”) and at the time set forth in the Master
Separation Agreement (the “Distribution Time”); 
 WHEREAS, as of the date of this Agreement, RemainCo is the sole owner of all
the outstanding Capital Stock (as defined below) of each of SpinCo and Babcock & Wilcox Investment Company, a Delaware corporation (“BWICO”); 

WHEREAS, as of the date of this Agreement, BWICO is the sole owner of all the outstanding Capital Stock of each of GNO, Babcock &
Wilcox Commercial Power, Inc., a Delaware corporation (“CPI”) and Babcock & Wilcox Technology, Inc., a Delaware corporation (“BWTI”); 

WHEREAS, as of the date of this Agreement, BWTI is the sole owner of all the outstanding Capital Stock of SoFCo-EFS Holdings, LLC, a Delaware
limited liability company (“SoFCo”); 
 WHEREAS, as of the date of this Agreement, CPI is the sole owner of all the outstanding
Capital Stock of each of Babcock & Wilcox mPower, Inc., a Delaware corporation, Babcock & Wilcox Nuclear Energy, Inc., a Delaware corporation and PGG; 

WHEREAS, as of the date of this Agreement, PGG is the sole owner of all of the outstanding Capital Stock of Diamond Power International Inc.,
a Delaware corporation; which, in turn, is the sole owner of all of the outstanding Capital Stock of (i) BWXT Foreign Holdings, 

  
 1 

 
LLC, a Delaware limited liability company and (ii) B&W PGG Lux Holdings SARL, an entity formed in Luxembourg, which, in turn, is the sole owner of all of the outstanding Capital Stock of
B&W PGG Lux Finance SARL, an entity formed in Luxembourg, which, in turn, is the sole owner of all of the outstanding Capital Stock of (i) Babcock & Wilcox Canada, Ltd., an entity formed in Ontario, Canada, (ii) B&W PGG
Luxembourg Canada Holdings SARL, an entity formed in Luxembourg which, in turn is the sole owner of all of the outstanding Capital Stock of Babcock & Wilcox Power Generation Group Canada Corp., a Nova Scotia unlimited liability company and
(iii) BWXT Canada Holdings Corp., a Nova Scotia unlimited liability company; 
 WHEREAS, it is the intent of the Parties, in
anticipation of the Distribution and the execution of the Master Separation Agreement, that GNO convey to PGG certain Intellectual Property rights subject to the terms and conditions set forth in this Agreement; and 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth in this
Section 1.1: 
 “Affiliate” means, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For this purpose “control” of a Person means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. 

“Business Day” means a day other than a Saturday, a Sunday or a day on which the Federal Reserve Bank of New York is closed. 

“Capital Stock” means any and all shares, interests, rights to purchase, warrants or options (whether or not currently exercisable),
participations or other equivalents of or interests (however designated) in the equity (which includes common stock, preferred stock and partnership, limited liability company, joint venture interests and other ownership interests) of any entity
(excluding any debt that is convertible into, or exchangeable for, such equity). 
 “Consent” means any consents, waivers or
approvals from, or notification requirements to, any third parties, including any notices or reports to be submitted to, filings to be made with, or consents, registrations, approvals, permits or authorizations to be obtained from, any Governmental
Authority. 

  
 2 

 “Contract” means any written, oral, implied or other contract, agreement, covenant,
lease, license, guaranty, indemnity, representation, warranty, assignment, sales order, purchase order, power of attorney, instrument or other commitment, assurance, undertaking or arrangement that is binding on any Person or entity or any part of
its property under applicable Law. 
 “CPI” has the meaning set forth in the recitals. 

“Distribution” has the meaning set forth in the recitals. 

“Distribution Date” has the meaning set forth in the recitals. 

“Distribution Time” has the meaning set forth in the recitals. 

“GNO” has the meaning set forth in the recitals. 

“Governmental Authority” shall mean any U.S. federal, state, local or non-U.S. court, government, department, commission, board,
bureau, agency, official or other regulatory, administrative or governmental authority. 
 “Information Statement” means the
information statement and any related documentation to be provided to holders of outstanding shares of common stock, par value $0.01 per share, of RemainCo in connection with the Distribution, including any amendments or supplements thereto. 

“Intellectual Property” means the rights associated with or arising out of any of the following in any jurisdiction throughout the
world: (i) all patents and patent applications, together with all reissuances, divisionals, continuations, continuations-in-part, revisions, renewals, extensions, and reexaminations thereof, and any identified invention disclosures
(“Patents”); (ii) trade secret rights and corresponding rights in confidential information and other non-public information (whether or not patentable), including ideas, formulas, compositions, inventor’s notes, discoveries and
improvements, know how, manufacturing and production processes and techniques, design manuals, testing information (including testing protocols and results), research and development information, prototypes, inventions, invention disclosures,
unpatented blueprints, drawings, specifications, designs, plans, proposals and technical data, business and marketing plans, market surveys, market know-how and customer lists and information, including all tangible embodiments of the foregoing and
unregistered copyrights (“Know-How”); (iii) all registered or unregistered copyrights, copyrightable works, rights in databases, data collections, “moral” rights, mask works, copyright registrations, applications and
extensions therefor and corresponding rights in works of authorship (“Copyrights”); (iv) all trademarks, service marks, logos, trade dress and trade names indicating the source of goods or services, and other indicia of commercial
source or origin (whether registered, common law, statutory or otherwise), all registrations and applications to register the foregoing anywhere in the world and all goodwill associated therewith (“Trademarks”); (v) all computer
software and code, including assemblers, applets, compilers, source code, object code, development tools, design tools, utilities, library files, user interfaces and data, and all documentation and manuals related to such computer software and code
in any form or format, however fixed (“Software”); (vi) all internet electronic addresses, uniform resource locators and alphanumeric designations associated therewith and all registrations for any of the foregoing (“Domain
Names”); and (vii) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world. 

  
 3 

 “Intellectual Property Assignment Agreements” has the meaning set forth in
Section 2.1(b). 
 “Law” means any law, statute, ordinance, code, rule, regulation, order, writ, proclamation,
judgment, injunction or decree of any Governmental Authority. 
 “Master Separation Agreement” has the meaning set forth in the
recitals. 
 “Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint
stock company, a trust, a joint venture, a union, an unincorporated organization or a Governmental Authority or any department, agency or political subdivision thereof. 

“PGG” has the meaning set forth in the recitals. 

“RemainCo Business” means any business of RemainCo and its Subsidiaries other than the SpinCo Business. 

“RemainCo Group” means RemainCo and its Subsidiaries, other than the SpinCo Group. 

“SpinCo Business” means the business and operations conducted by the SpinCo Group as of the Distribution Date, as such business and
operations are described in the Information Statement. 
 “SpinCo Group” means SpinCo and each Person that is a Subsidiary of
SpinCo immediately after the Distribution Time or becomes a Subsidiary of SpinCo after the Distribution Time. For the avoidance of doubt, PGG will be a Subsidiary of SpinCo immediately after the Distribution Time. 

“Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited liability company, joint venture or
other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others performing
similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its Subsidiaries, or by such specified Person and one or more of its
Subsidiaries. 
 “Transfer” has the meaning set forth in Section 2.1(a). 

“Transferred GNO Intellectual Property” has the meaning set forth in Schedule 2.1(a). 

Section 1.2 Interpretation. In this Agreement, unless the context clearly indicates otherwise: 

(a) words used in the singular include the plural and words used in the plural include the singular; 

  
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 (b) if a word or phrase is defined in this Agreement, its other grammatical forms, as used in
this Agreement, shall have a corresponding meaning; 
 (c) reference to any gender includes the other gender and the neuter; 

(d) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) the words “shall” and “will” are used interchangeably and have the same meaning; 

(f) the word “or” shall have the inclusive meaning represented by the phrase “and/or”; 

(g) relative to the determination of any period of time, “from” means “from and including,” “to” means “to
but excluding” and “through” means “through and including”; 
 (h) all references to a specific time of day in this
Agreement shall be based upon Eastern Standard Time or Eastern Daylight Savings Time, as applicable, on the date in question; 
 (i) whenever
this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified; 
 (j) reference to
any Article, Section or Schedule means such Article or Section of, or such Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 

(k) the words “this Agreement,” “herein,” “hereunder,” “hereof,” “hereto” and words of
similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision of this Agreement; 

(l) reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and
modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 
 (m) reference to any Law (including
statutes and ordinances) means such Law (including any and all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 

(n) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement; a reference to such Person’s “Affiliates” shall be deemed to mean such Person’s Affiliates following the Distribution and any reference to a Third Party shall be deemed to mean a Person who is not a
Party or an Affiliate of a Party; 

  
 5 

 (o) if there is any conflict between the provisions of the main body of this Agreement and the
Schedules hereto, the provisions of the main body of this Agreement shall control unless explicitly stated otherwise in such Schedule; 
 (p)
the titles to Articles and headings of Sections contained in this Agreement, in any Schedule and in the table of contents to this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the
meaning or interpretation of this Agreement; and 
 (q) any portion of this Agreement obligating a Party to take any action or refrain from
taking any action, as the case may be, shall mean that such Party shall also be obligated to cause its relevant Subsidiaries and Affiliates to take such action or refrain from taking such action, as the case may be. 

ARTICLE II 

INTELLECTUAL PROPERTY ASSIGNMENT AND OWNERSHIP 

Section 2.1 Assignment of Transferred Intellectual Property. 

(a) GNO hereby sells, assigns, conveys and transfers (the “Transfer”) to PGG all right, title and interest held by GNO in and to the
Intellectual Property set forth on Schedule 2.1(a) (the “Transferred GNO Intellectual Property”), including all right, title and interest in and to all proceeds, causes of actions and rights of recovery against Third Parties for
past and future infringement, misappropriation, or other violation or impairment of such Intellectual Property, except to the extent prohibited by, or requiring any Consent under (to the extent such Consent has not been obtained), any Contract under
which GNO holds or uses such Transferred GNO Intellectual Property. As consideration for the Transfer, PGG hereby agrees to promptly pay $1,000 to GNO. 

(b) GNO shall, and shall cause any members of the RemainCo Group as applicable and necessary to, execute intellectual property assignment
agreements in a form substantially similar to that attached hereto as Exhibit A, as applicable to the Transferred GNO Intellectual Property, as well as such additional specific assignments as reasonably necessary to carry out the intent of the
Parties as set forth herein (collectively, the “Intellectual Property Assignment Agreements”). All Transferred GNO Intellectual Property is transferred subject to all rights granted under or in connection with agreements related such
Transferred GNO Intellectual Property existing and in force as of the Effective Date, in each case subject to the terms and conditions contained in each such agreement, including, without limitation, any license agreements, any security agreements
or any liens granted in and to such Transferred PGG Intellectual Property. 
 (c) GNO shall deliver to PGG all Intellectual Property
Assignment Agreements contemplated herein that effectuate the assignment of Transferred GNO Intellectual Property from GNO or any member of the RemainCo Group to PGG. PGG shall have the sole responsibility, at its sole cost and expense, to file such
Intellectual Property Assignment Agreements and any other forms or documents required to record such assignments, provided, however, that upon request, GNO shall provide reasonable assistance to PGG to record an assignment, at PGG’s sole cost
and expense. 

  
 6 

 Section 2.2 Actions; Correspondence. PGG shall, in its sole discretion, pay all fees
incurred and take all actions with respect to the Transferred GNO Intellectual Property subsequent to the Effective Date. GNO shall forward to PGG or its designee copies of all files related to and correspondence received from any Governmental
Authority regarding the Transferred GNO Intellectual Property. 
 ARTICLE III 

NO WARRANTIES. 
 Except as
expressly set forth in this Agreement, PGG and GNO understand and agree that GNO is not making any representation or warranty of any kind whatsoever, express or implied, to PGG in any way as to the SpinCo Business or the Transferred GNO Intellectual
Property. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING THE TRANSFERS REFERRED TO IN THIS AGREEMENT HAVE BEEN, OR WILL BE, MADE WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, AT COMMON LAW, BY STATUTE OR OTHERWISE,
RELATING TO (A) THE VALUE OR FREEDOM FROM ENCUMBRANCE OF, ANY ASSETS OR INTELLECTUAL PROPERTY, (B) THE CONDITION OR SUFFICIENCY OF ANY ASSETS OR INTELLECTUAL PROPERTY (INCLUDING ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, FITNESS
FOR A PARTICULAR PURPOSE, MARKETABILITY, TITLE, VALUE, FREEDOM FROM ENCUMBRANCE OR OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, OR THE PRESENCE OR ABSENCE OF ANY HAZARDOUS MATERIALS IN OR ON, OR DISPOSED OR DISCHARGED FROM, SUCH ASSETS),
(C) THE NON-INFRINGEMENT OF ANY PATENT OR OTHER INTELLECTUAL PROPERTY RIGHT OF ANY THIRD PARTY, (D) ANY OTHER MATTER CONCERNING ANY ASSETS OR INTELLECTUAL PROPERTY (E) AS TO THE LEGAL SUFFICIENCY TO CONVEY TITLE TO ANY ASSETS OR
INTELLECTUAL PROPERTY OR (F) THAT THE LICENSOR HAS ANY RIGHTS OR TITLE AT ALL IN OR TO ANY INTELLECTUAL PROPERTY. WITHOUT LIMITING THE FOREGOING, GNO AND PGG HEREBY ACKNOWLEDGE AND AGREE THAT ALL INTELLECTUAL PROPERTY TRANSFERRED TO THIS
AGREEMENT AND ALL INTELLECTUAL PROPERTY INCLUDED IN PRIOR TRANSFERS ARE BEING OR WERE TRANSFERRED “AS IS, WHERE IS.” 
 ARTICLE
IV 
 MISCELLANEOUS 

Section 4.1 Authority. Each of the Parties represents to the other that (a) it has the corporate or other requisite power and
authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and
delivered this Agreement to be executed and delivered on or prior to the Effective Date, and (d) this Agreement 

  
 7 

 
is legal, valid and binding obligations, enforceable against it in accordance with their respective terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar
Laws affecting creditors’ rights generally and general equity principles. 
 Section 4.2 Entire Agreement. This Agreement
and the Schedules referenced herein or therein or attached hereto or thereto, constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior written and oral and all
contemporaneous oral agreements and understandings with respect to the subject matter hereof. 
 Section 4.3 Binding Effect;
Third-Party Beneficiaries; Assignment. This Agreement does not and is not intended to confer any rights or remedies upon any Person other than the Parties. This Agreement shall inure to the benefit of and be binding upon the Parties and their
respective successors and permitted assigns. This Agreement may not be assigned by either Party, except with the prior written consent of the other Party. 

Section 4.4 Amendment. No change or amendment may be made to this Agreement except by an instrument in writing signed on behalf of
both of the Parties. 
 Section 4.5 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of
either Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement contained herein, nor shall any single or partial
exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies
otherwise available. 
 Section 4.6 Notices. Unless otherwise expressly provided herein, all notices, claims, certificates,
requests, demands and other communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if mailed by registered or certified mail, postage prepaid, return receipt requested, on
the date the return receipt is executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon the signed receipt of the addressee, on the date the receipt acknowledgment is
executed or refused by the addressee or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also
be sent pursuant to clause (i), (ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a Party as it shall have
specified by like notice. 
 Section 4.7 Counterparts. This Agreement, including the Schedules and Exhibits hereto and the other
documents referred to herein, may be executed in multiple counterparts, each of which when executed shall be deemed to be an original but all of which together shall constitute one and the same agreement. 

Section 4.8 Severability. If any term or other provision of this Agreement or the Schedules attached hereto is determined
by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or 

  
 8 

 
public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this
Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad
as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 
 Section 4.9 Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of Delaware, without regard to any conflicts of law provisions thereof that would result in the application of the
laws of any other jurisdiction. 
 Section 4.10 Construction. This Agreement shall be construed as if jointly drafted by
PGG and GNO and no rule of construction or strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties
have relied upon their own knowledge and judgment and upon the advice of the attorneys of their choosing. The Parties have had access to independent legal advice, have conducted such investigations they and their counsel thought appropriate, and
have consulted with such other independent advisors as they and their counsel deemed appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or
statements made by any other Party, or such other Party’s employees, agents, representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The
Parties are not relying upon a legal duty, if one exists, on the part of the other Party (or such other Party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or
its preparation, it being expressly understood that neither Party shall ever assert any failure to disclose information on the part of the other Party as a ground for challenging this Agreement. 

Section 4.11 Performance. Each Party shall cause to be performed, and hereby guarantees the performance of, all actions,
agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 
 [INTENTIONALLY LEFT BLANK] 

  
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 WHEREFORE, the Parties have signed this Agreement effective as of the date first set forth above.

  

			
	BABCOCK & WILCOX GOVERNMENT & NUCLEAR OPERATIONS, INC.
		
	By:		  

	Name:		
	Title:		
	
	BABCOCK & WILCOX POWER GENERATION GROUP, INC.
		
	By:		  

	Name:		
	Title:		

 The company agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Commission upon
request.Form of Intellectual Property Agreement- The Babcock &amp; Wilcox Company

 Exhibit 10.26 

FORM OF 
 INTELLECTUAL PROPERTY
AGREEMENT 
 between 
 THE
BABCOCK & WILCOX COMPANY 
 and 

BABCOCK & WILCOX ENTERPRISES, INC. 

dated as of 

                    
        , 2015 

 TABLE OF CONTENTS 

 

							
		
	 ARTICLE I DEFINITIONS
		2
				
			Section 1.1		Definitions		2
				
			Section 1.2		Interpretation		4
		
	ARTICLE II INTELLECTUAL PROPERTY ASSIGNMENT AND OWNERSHIP		6
				
			Section 2.1		Reserved		6
				
			Section 2.2		Reserved		6
				
			Section 2.3		Assistance by Employees; Inventor Compensation		6
				
			Section 2.4		Ownership		6
				
			Section 2.5		Rights Arising in the Future		7
				
			Section 2.6		Abandonment of Certain Intellectual Property		7
				
			Section 2.7		Reserved		7
				
			Section 2.8		Steam/Its Generation and Use		7
		
	ARTICLE III TRADEMARKS		9
				
			Section 3.1		House Marks		9
				
			Section 3.2		Limited License to Use SpinCo House Marks		10
				
			Section 3.3		Removal of Classes from SpinCo Marks		10
				
			Section 3.4		RemainCo Marks		11
				
			Section 3.5		Duty to Avoid Confusion		11
		
	ARTICLE IV SHARED LIBRARY MATERIALS		11
				
			Section 4.1		Shared Library Materials		11
				
			Section 4.2		Cross-License of Shared Library Materials		11
				
			Section 4.3		Maintenance of Shared Library Materials		12
				
			Section 4.4		Potential Allocation of Shared Library Materials		13
				
			Section 4.5		Confidentiality and Trade Secret Status of Shared Library Materials		13
				
			Section 4.6		Third Party Materials Contained in the Shared Library Materials		13
		
	ARTICLE V INTELLECTUAL PROPERTY LICENSES AND COVENANTS		14
				
			Section 5.1		Cross-License of Shared Know-How		14
				
			Section 5.2		Reserved		14
				
			Section 5.3		Reserved		14

  
 i 

							
				
			Section 5.4		Cross-Licenses of Software		15
				
			Section 5.5		Reserved		15
				
			Section 5.6		Sublicensing; Assignability		15
				
			Section 5.7		Restrictions on Licensor Exploitation of Intellectual Property		16
				
			Section 5.8		Third Party Agreements; Reservation of Rights		16
				
			Section 5.9		Maintenance of Intellectual Property		17
				
			Section 5.10		Covenants		17
		
	ARTICLE VI TECHNICAL ASSISTANCE AND TECHNOLOGY TRANSFER		18
				
			Section 6.1		Reserved		18
				
			Section 6.2		Reserved		18
				
			Section 6.3		No Additional Technical Assistance		18
		
	ARTICLE VII NO WARRANTIES		18
		
	ARTICLE VIII THIRD-PARTY INFRINGEMENT		19
				
			Section 8.1		No Obligation		19
				
			Section 8.2		Notice Regarding Infringement		19
				
			Section 8.3		Suits for Infringement		19
		
	ARTICLE IX CONFIDENTIALITY		21
		
	ARTICLE X MISCELLANEOUS		23
				
			Section 10.1		Authority		23
				
			Section 10.2		Entire Agreement		23
				
			Section 10.3		Binding Effect; Third-Party Beneficiaries; Assignment		23
				
			Section 10.4		Amendment		23
				
			Section 10.5		Failure or Indulgence Not Waiver; Remedies Cumulative		23
				
			Section 10.6		Notices		23
				
			Section 10.7		Counterparts		24
				
			Section 10.8		Severability		24
				
			Section 10.9		Governing Law		24
				
			Section 10.10		Construction		24
				
			Section 10.11		Performance		24

  

			
	SCHEDULES		
	Schedule 1.1(e)		SpinCo Core Field; RemainCo Core Field
	Schedule 1.1(i)		Specific RemainCo Field; Specific SpinCo Field
	Schedule 1.1(o)		SpinCo House Marks
	Schedule 1.1(p)		RemainCo House Marks

  
 ii 

			
	Schedule 2.4(a)		RemainCo Ownership
	Schedule 2.4(b)		SpinCo Ownership
	Schedule 2.6		Abandonment of Certain Intellectual Property
	Schedule 3.1		SpinCo Trademarks
	Schedule 3.3		Required Actions and Filings
	Schedule 3.4		RemainCo Trademarks
	Schedule 4.1		Shared Library Materials
	Schedule 4.4		Nuclear Design Materials
	Schedule 5.4(a)		Foundational Software

  
 iii 

 INTELLECTUAL PROPERTY AGREEMENT 

This INTELLECTUAL PROPERTY AGREEMENT (this “Agreement”) is entered into as of
                    , 2015 (the “Effective Date”), between The Babcock & Wilcox Company, a Delaware corporation,
(“RemainCo”) and Babcock & Wilcox Enterprises, Inc., a Delaware corporation (“SpinCo”). RemainCo and SpinCo are sometimes referred to herein individually as a “Party,” and collectively as the
“Parties.” Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in Article 1 hereof. 

RECITALS 
 WHEREAS, SpinCo
is a wholly owned Subsidiary of RemainCo; 
 WHEREAS, the Board of Directors of RemainCo has determined that it would be appropriate and in
the best interests of RemainCo and its stockholders for RemainCo to separate the SpinCo Business from the RemainCo Business; 
 WHEREAS, in
furtherance thereof, the Board of Directors of RemainCo has determined that, following the Separation, it would be appropriate and in the best interests of RemainCo and its stockholders for RemainCo to distribute (the “Distribution”) on a
pro rata basis to the holders of outstanding shares of common stock, par value $0.01 per share, of RemainCo (“RemainCo Common Stock”) all of the outstanding shares of common stock, par value $0.01 per share, of SpinCo (“SpinCo Common
Stock”) owned by RemainCo as of the Distribution Date immediately before the Distribution Time; 
 WHEREAS, in order to effectuate the
foregoing, RemainCo and SpinCo have entered into a Master Separation Agreement, dated as of the date hereof (the “Master Separation Agreement”), which provides, among other things, upon the terms and subject to the conditions thereof, for
the separation of the respective businesses of SpinCo and RemainCo and the Distribution, and the execution and delivery of certain other agreements, including this Agreement, in order to facilitate and provide for the foregoing; 

WHEREAS, it is the intent of the Parties, in accordance with the Master Separation Agreement, that RemainCo convey to SpinCo certain
Intellectual Property rights and licenses subject to the terms and conditions set forth in this Agreement; and 
 WHEREAS, it is the intent
of the Parties, in accordance with the Master Separation Agreement, that SpinCo convey to RemainCo certain Intellectual Property rights and licenses subject to the terms and conditions set forth in this Agreement; 

NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows: 

  
 1 

 ARTICLE I 

DEFINITIONS 

Section 1.1 Definitions. Except for the terms defined below, the capitalized terms used in this Agreement shall have the meanings
ascribed to them in Section 1.1 of the Master Separation Agreement: 
 “Confidential Information” has the meaning set forth
in Section 9.2. 
 “Distribution” has the meaning set forth in the recitals. 

“Foundational Software” has the meaning set forth in Section 5.4(a). 

“Intellectual Property” means the rights associated with or arising out of any of the following in any jurisdiction throughout the
world: (i) all patents and patent applications, together with all reissuances, divisionals, continuations, continuations-in-part, revisions, renewals, extensions, and reexaminations thereof, and any identified invention disclosures
(“Patents”); (ii) trade secret rights and corresponding rights in confidential information and other non-public information (whether or not patentable), including ideas, formulas, compositions, inventor’s notes, discoveries and
improvements, know how, manufacturing and production processes and techniques, design manuals, testing information (including testing protocols and results), research and development information, prototypes, inventions, invention disclosures,
unpatented blueprints, drawings, specifications, designs, plans, proposals and technical data, business and marketing plans, market surveys, market know-how and customer lists and information, including all tangible embodiments of the foregoing and
unregistered copyrights (“Know-How”); (iii) all registered or unregistered copyrights, copyrightable works, rights in databases, data collections, “moral” rights, mask works, copyright registrations, applications and
extensions therefor and corresponding rights in works of authorship (“Copyrights”); (iv) all trademarks, service marks, logos, trade dress and trade names indicating the source of goods or services, and other indicia of commercial
source or origin (whether registered, common law, statutory or otherwise), all registrations and applications to register the foregoing anywhere in the world and all goodwill associated therewith (“Trademarks”); (v) all computer
software and code, including assemblers, applets, compilers, source code, object code, development tools, design tools, utilities, library files, user interfaces and data, and all documentation and manuals related to such computer software and code
in any form or format, however fixed (“Software”); (vi) all internet electronic addresses, uniform resource locators and alphanumeric designations associated therewith and all registrations for any of the foregoing (“Domain
Names”); and (vii) any similar, corresponding or equivalent rights to any of the foregoing anywhere in the world. 
 “IP
Proceedings” has the meaning set forth in Section 2.3. 
 “Licensed RemainCo Know-How” has the meaning set forth
in Section 5.1(a). 
 “Licensed SpinCo Know-How” has the meaning set forth in Section 5.1(a). 

  
 2 

 “Licensed RemainCo Intellectual Property” means all Licensed RemainCo Know-How and, to
the extent licensed by RemainCo hereunder, RemainCo’s right, title and interest in and to Shared Library Materials and Foundational Software. 

“Licensed SpinCo Intellectual Property” means all Licensed SpinCo Know-How and, to the extent licensed by SpinCo hereunder,
SpinCo’s right, title and interest in and to Shared Library Materials and Foundational Software. 
 “Master Separation
Agreement” has the meaning set forth in the recitals. 
 “Nuclear Design Materials” has the meaning set forth in
Section 4.4. 
 “Notifying Party” has the meaning set forth in Section 4.4. 

“RemainCo” has the meaning set forth in the recitals. 

“RemainCo Common Stock” has the meaning set forth in the recitals. 

“RemainCo Core Field” has the meaning set forth on Schedule 1.1(e). 

“RemainCo House Marks” means all Trademarks that incorporate “BWX,” “BWX Technologies,” or “BWXT,” and
any translations or derivatives thereof and any terms of a confusingly similar nature, and all goodwill embodied in the foregoing, including, without limitation, all Trademarks set forth on Schedule 1.1(p), but expressly excluding
“Babcock,” “Wilcox,” “Babcock and Wilcox,” “Babcock & Wilcox,” B&W,” or “B&W & HERO ENGINE DESIGN.” 

“RemainCo Know-How” means all Know-How owned by RemainCo as of the Effective Date. 

“RemainCo Trademarks” has the meaning set forth in Section 3.4. 

“Reviewing Party” has the meaning set forth in Section 4.4. 

“Shared Library Materials” means (i) proprietary research reports, letter reports, photographs, micrographs or other materials
recorded in a tangible, microfilm, microfiche, and/or electronic form or media, or a combination thereof, which may contain trade secrets, know-how, methods, techniques, formulas, drawings, sketches or other proprietary materials reduced to tangible
form, and which were developed by and/or contained in the Research & Development Division library at the former Alliance Research Center in Alliance, Ohio (“Research Documents”) and (ii) publicly available books, textbooks,
reference manuals, periodicals, journals or other publications that were located at the Research & Development Division library at the former Alliance Research Center in Alliance, Ohio (“Reference Materials”), in each case which
are presently stored in certain identified vaults and storage accounts maintained with Third Party vendor document retention vendor Iron Mountain. 

“Specific RemainCo Field” has the meaning set forth on Schedule 1.1(i). 

  
 3 

 “Specific SpinCo Field” has the meaning set forth on Schedule 1.1(i). 

“SpinCo” has the meaning set forth in the recitals. 

“SpinCo Common Stock” has the meaning set forth in the recitals. 

“SpinCo Core Field” has the meaning set forth on Schedule 1.1(e). 

“SpinCo House Marks” means all Trademarks that incorporate “Babcock,” “Wilcox,” “Babcock and Wilcox,”
“Babcock & Wilcox,” “B&W,” or “B&W & HERO ENGINE DESIGN” and any translations or derivatives thereof and any terms of a confusingly similar nature, and all goodwill embodied in the foregoing,
including, without limitation, all Trademarks set forth on Schedule 1.1(o), but expressly excluding “BWX Technologies,” “BWXT” and “BWX”. 

“SpinCo Know-How” means all Know-How owned by SpinCo as of the Effective Date. 

“SpinCo Trademarks” has the meaning set forth in Section 3.1(a). 

“Steam Book” has the meaning set forth in Section 2.8. 

Section 1.2 Interpretation. In this Agreement, unless the context clearly indicates otherwise: 

(a) words used in the singular include the plural and words used in the plural include the singular; 

(b) if a word or phrase is defined in this Agreement, its other grammatical forms, as used in this Agreement, shall have a corresponding
meaning; 
 (c) reference to any gender includes the other gender and the neuter; 

(d) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without
limitation”; 
 (e) the words “shall” and “will” are used interchangeably and have the same meaning; 

(f) the word “or” shall have the inclusive meaning represented by the phrase “and/or”; 

(g) relative to the determination of any period of time, “from” means “from and including,” “to” means “to
but excluding” and “through” means “through and including”; 
 (h) all references to a specific time of day in this
Agreement shall be based upon Eastern Standard Time or Eastern Daylight Savings Time, as applicable, on the date in question; 
 (i) whenever
this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified; 

  
 4 

 (j) reference to any Article, Section or Schedule means such Article or Section of, or such
Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition; 

(k) the words “this Agreement,” “herein,” “hereunder,” “hereof,” “hereto” and words of
similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision of this Agreement; 

(l) the term “commercially reasonable efforts” means efforts which are commercially reasonable to enable a Party, directly or
indirectly, to satisfy a condition to or otherwise assist in the consummation of a desired result and which do not require the performing Party to expend funds or assume Liabilities other than expenditures and Liabilities which are customary and
reasonable in nature and amount in the context of a series of related transactions similar to the Separation; 
 (m) reference to any
agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; 

(n) reference to any Law (including statutes and ordinances) means such Law (including any and all rules and regulations promulgated
thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability; 

(o) references to any Person include such Person’s successors and assigns but, if applicable, only if such successors and assigns are
permitted by this Agreement; a reference to such Person’s “Affiliates” shall be deemed to mean such Person’s Affiliates following the Distribution and any reference to a Third Party shall be deemed to mean a Person who is not a
Party or an Affiliate of a Party; 
 (p) if there is any conflict between the provisions of the main body of this Agreement and the Schedules
hereto, the provisions of the main body of this Agreement shall control unless explicitly stated otherwise in such Schedule; 
 (q) the
titles to Articles and headings of Sections contained in this Agreement, in any Schedule and in the table of contents to this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the
meaning or interpretation of this Agreement; and 
 (r) any portion of this Agreement obligating a Party to take any action or refrain from
taking any action, as the case may be, shall mean that such Party shall also be obligated to cause its relevant Subsidiaries and Affiliates to take such action or refrain from taking such action, as the case may be. 

  
 5 

 ARTICLE II 

INTELLECTUAL PROPERTY ASSIGNMENT AND OWNERSHIP 

Section 2.1 Reserved. 

Section 2.2 Reserved. 

Section 2.3 Assistance by Employees; Inventor Compensation. Each Party agrees that it shall make available to the other Party the
services of its employees and contractors reasonably necessary to assist the other Party with the prosecution of, and other patent or trademark office proceedings (e.g., reissue, reexamination, interference, inter partes review, post-grant
review, supplemental examination, and other similar proceedings) regarding the other Party’s Patents, Trademarks and other Intellectual Property (collectively, “IP Proceedings”). Each Party agrees to reasonably make available to the
other Party (i) inventors and other reasonably necessary persons employed by it for the other Party’s reasonable needs regarding execution of documents, interviews, declarations and testimony, and (ii) documents, materials and
information for the other Party’s reasonable good faith needs regarding such IP Proceedings. The Party involved in the IP Proceedings shall be responsible for the actual and reasonable out-of-pocket expenses associated with such assistance,
expressly excluding the value of the time of the other Party’s personnel. Each Party will be responsible for providing inventor incentive compensation to its employees under its own internal policies. No Party shall have any obligation to
provide any inventor incentive compensation to an employee of the other Party except as required by law. 
 Section 2.4
Ownership. 
 (a) SpinCo expressly acknowledges that, as between RemainCo and SpinCo (and any other member of the SpinCo Group), after
effectuating the assignments contemplated herein and all Prior Transfers in connection with Intellectual Property, RemainCo is and shall be the sole and exclusive owner of the Intellectual Property set forth on Schedule 2.4(a), and SpinCo
agrees that it shall do nothing inconsistent with such ownership. 
 (b) RemainCo expressly acknowledges that, as between SpinCo and RemainCo
(and any other member of the RemainCo Group), after effectuating the assignments contemplated herein and all Prior Transfers in connection with Intellectual Property, SpinCo is the sole and exclusive owner of the Intellectual Property set forth on
Schedule 2.4(b), and RemainCo agrees that it shall do nothing inconsistent with such ownership. 
 (c) If, within thirty-six
(36) months of the Distribution Date, either Party has a good faith belief, based on reasonable inquiry, that Schedule 2.4(a) or Schedule 2.4(b) contains an error as to the allocation of ownership of any item of Intellectual
Property set forth therein between RemainCo and the members of the RemainCo Group on the one hand and SpinCo and members of the SpinCo Group on the other hand, such Party will provide written notice to the other party regarding the error or
discrepancy and the Parties shall, or shall cause the relevant members of the RemainCo Group and/or SpinCo Group, as necessary, to negotiate in good faith a mutually agreeable resolution. 

  
 6 

 Section 2.5 Rights Arising in the Future. 

(a) As between RemainCo and SpinCo, unless otherwise agreed in writing by RemainCo or any member of the RemainCo Group and SpinCo or any member
of the SpinCo Group, any and all Intellectual Property created, conceived, or actually reduced to practice by or on behalf of RemainCo or any member of the RemainCo Group after the Distribution Date, including, without limitation, any improvements
or modifications to any Licensed SpinCo Intellectual Property or Shared Library Materials or any other Intellectual Property licensed by any member of the RemainCo Group or the SpinCo Group pursuant to any other Intellectual Property Agreement,
shall belong solely and exclusively to RemainCo and neither SpinCo nor any member of the SpinCo Group shall have any right, title or interest in or to such Intellectual Property. RemainCo shall have no obligation to notify SpinCo or any member of
the SpinCo Group of any such improvements or modifications or to disclose or license any such improvements or modifications to SpinCo or any member of the SpinCo Group. 

(b) As between RemainCo and SpinCo, unless otherwise agreed in writing by RemainCo or any member of the RemainCo Group and SpinCo or any member
of the SpinCo Group, any and all Intellectual Property created, conceived, or actually reduced to practice by or on behalf of SpinCo or any member of the SpinCo Group after the Distribution Date, including, without limitation, any improvements or
modifications to any Licensed RemainCo Intellectual Property or Shared Library Materials or any other Intellectual Property licensed by any member of the RemainCo Group or the SpinCo Group pursuant to any other Intellectual Property Agreement, shall
belong solely and exclusively to SpinCo and neither RemainCo nor any member of the RemainCo Group shall have any right, title or interest in or to such Intellectual Property. SpinCo shall have no obligation to notify RemainCo or any member of the
RemainCo Group of any such improvements or modifications or to disclose or license any such improvements or modifications to RemainCo or any member of the RemainCo Group. 

Section 2.6 Abandonment of Certain Intellectual Property. SpinCo and RemainCo acknowledge and agree that, as of the Distribution
Date, neither SpinCo nor RemainCo has an interest in maintaining or continuing the prosecution and maintenance of the Intellectual Property set forth on Schedule 2.6, which Intellectual Property will be owned and controlled by the SpinCo
Group as of the Distribution. SpinCo will, and will cause the applicable members of the SpinCo Group, to take all actions necessary to discontinue the maintenance and prosecution of the Intellectual Property set forth on Schedule 2.6 as of
the date any applicable renewal fees are due in the future. For clarity, SpinCo shall not be obligated to affirmatively abandon such Intellectual Property prior to the date that any renewal fees are due in the future. 

Section 2.7 Reserved.  

Section 2.8 Steam/Its Generation and Use. The Parties acknowledge and agree that the engineering textbook/publication titled
“Steam/Its Generation and Use” and previously titled “Steam” (the “Steam Book”) is a highly regarded and well respected publication in worldwide utility and industrial power generation fields. SpinCo and RemainCo
acknowledge and agree that, as of the Distribution Date, SpinCo (i) owns all right, title and interest in and to the Copyright in all editions of the Steam Book throughout the world; (ii) shall have the exclusive right to publish and shall
be solely responsible for all aspects of the publication of the Steam 

  
 7 

 
Book in all languages and in all media of expression now known or later developed, throughout the world, subject to the provisions of this Section 2.8; (iii) shall have the right
to retain all proceeds derived from exploiting the Copyright of any edition of the Steam Book; and (iv) subject to Section 2.8(c), shall have the sole right to determine the content contained in all future editions of the Steam
Book. 
 (a) SpinCo and RemainCo agree and acknowledge that, although RemainCo was responsible for publishing the current forty-second (42nd) edition of the Steam Book, as of the Distribution Date, all rights, responsibilities, duties and obligations related to the publication, distribution and sale of this edition shall be
transferred to SpinCo. SpinCo shall retain all proceeds of the sales of this publication. 
 (b) SpinCo shall have the sole right to use the
title Steam/Its Generation and Use to publish future editions of the Steam Book. As between SpinCo and RemainCo, SpinCo will retain and own all Copyrights in and to any future editions of the Steam Book, provided, however, that content
contributed by RemainCo in the future may be owned by, and the Copyright therein owned by, RemainCo, as may be set forth in a subsequent agreement related to such contributions. 

(c) The Parties acknowledge that it is desirable for future editions of the Steam Book to present a comprehensive view of how steam is
generated and used from a variety of energy sources including, inter alia, nuclear energy sources. SpinCo shall have the sole right to determine the content contained in future editions of the Steam Book, provided, however, that SpinCo will
provide RemainCo with a right of first refusal to collaborate with SpinCo to provide content related to nuclear subject matter in the forty-third (43rd) edition of the Steam Book, with
allocation of costs and revenues and any attribution and Copyright ownership with respect to RemainCo contributed content to be negotiated in good faith by the Parties. The foregoing right of first refusal shall cease in the event of a Change of
Control of either RemainCo or SpinCo, provided, however, that the Parties will discuss the feasibility of future collaboration, specifically related to the contribution of nuclear related subject matter by SpinCo, in good faith in the event of a
Change of Control. 
 (d) RemainCo shall have, and SpinCo hereby grants to RemainCo, an unlimited, non-exclusive, perpetual, irrevocable,
royalty free, worldwide right and license to use the content contained in the Steam Book, including the current edition and any past edition and any future edition to which RemainCo makes a contribution, for any purpose, including, without
limitation, to reproduce, publicly display, modify, make derivative works, distribute, publicly perform and distribute for RemainCo’s internal business purposes, including in connection with customer related activities, provided, however, that
RemainCo shall (i) not use any non-nuclear content contained in the Steam Book in connection with publishing or distributing a publication which competes with the Steam Book and (ii) provide attribution and accreditation using a copyright
notice having the format required by law in connection with the use of any protectable expression of the non-nuclear content contained in the Steam Book. SpinCo shall provide RemainCo with five hundred (500) copies of the current edition of the
Steam Book at no cost to RemainCo, which copies RemainCo may distribute without limitation, including to RemainCo customers at no charge. In the event that RemainCo wishes to order additional copies of the current edition of the Steam Book or has a
desire to purchase existing stock of earlier editions of the Steam Book, SpinCo will sell such copies to RemainCo at cost, which copies RemainCo may distribute without limitation, including to RemainCo customers at no charge. 

  
 8 

 ARTICLE III 

TRADEMARKS 

Section 3.1 House Marks. 

(a) RemainCo agrees and acknowledges that (i) as of the date of this Agreement, as between the RemainCo Group and the SpinCo Group, all
right, title and interest in and to the Trademarks set forth on Schedule 3.1 (the “SpinCo Trademarks”), including the SpinCo House Marks, shall be the sole and exclusive property of the SpinCo Group and (ii) except as otherwise
provided in Section 3.2, the RemainCo Group shall cease and discontinue all use of the SpinCo Marks, including the SpinCo House Marks, as of the Distribution Date. In addition, RemainCo agrees to use its best efforts to change its name
to eliminate Babcock & Wilcox therefrom, and, if applicable, to cause the members of the RemainCo Group to change their names to eliminate “Babcock,” “Wilcox,” “Babcock and Wilcox,” “Babcock &
Wilcox” or “B&W” therefrom and to cease and discontinue the use of the term “Babcock & Wilcox” or “B&W” and any of the SpinCo Marks in its business or operations as promptly as practicable
following the Distribution Date. Notwithstanding the foregoing, SpinCo agrees and acknowledges that RemainCo will change its name to BWX Technologies and that RemainCo and the RemainCo Group may continue to use “BW” and derivations thereof
and therefrom (but not “B&W”) in its business or operations after the Distribution Date. SpinCo agrees not to oppose, petition to cancel, or otherwise challenge or object to the use of or any current application and/or subsequent
application for registration by RemainCo or any member of the RemainCo Group of any RemainCo House Marks as long as such use and/or registration does not make use of the SpinCo House Marks and further agrees to take such actions as may be reasonably
requested by RemainCo and execute or cause to be executed by the appropriate members of the SpinCo Group such other agreements, instruments and other documents, including coexistence agreements and letters of consent, as may be reasonably requested
by RemainCo to facilitate the registration and continued prosecution of RemainCo House Marks (e.g., in the event that any SpinCo House Mark is cited against an application for a RemainCo House Mark). 

(b) RemainCo agrees not to oppose, petition to cancel, or otherwise challenge or object to the use of or any current application and/or
subsequent application for registration by SpinCo or any member of the SpinCo Group of any SpinCo House Marks, as long as such use and/or registration does not make use of the RemainCo House Marks and further agrees to take such actions as may be
reasonably requested by SpinCo and execute or cause to be executed by the appropriate members of the RemainCo Group such other agreements, instruments and other documents, including coexistence agreements and letters of consent, as may be reasonably
requested by SpinCo to facilitate the registration and continued prosecution of SpinCo House Marks (e.g., in the event that any RemainCo House Mark is cited against an application for a SpinCo House Mark). 

  
 9 

 Section 3.2 Limited License to Use SpinCo House Marks. RemainCo shall have the right
to use the SpinCo House Marks in connection with the operation of the RemainCo Business for a limited period of 270 days following the Distribution Date. After such 270-day period, RemainCo shall
discontinue all use of the SpinCo House Marks, including any use on stationery or letterhead and any use on or in connection with other RemainCo Assets. However, the Parties agree that the RemainCo Group may continue, beyond such 270-day period, to distribute copies of any existing inventory of its marketing literature, including technical papers, brochures, and printed promotional material, in existence on the Distribution Date, provided,
however, that reasonable efforts are made to remove or cover up any SpinCo House Marks appearing thereon prior to distribution. Notwithstanding the foregoing provisions of this Section 3.2, in no event shall any of the members of the
RemainCo Group continue to use the SpinCo House Marks (whether in any of the materials referenced in the immediately preceding sentence or otherwise) following a Change of Control of RemainCo. For the avoidance of doubt, none of the foregoing shall
apply to any stationery, letterhead or marketing literature, including technical papers, brochures, and printed promotional material, distributed by any member of the RemainCo Group to its customers prior to the Distribution Date or to any SpinCo
House Marks included on or in any copies of the Steam Book distributed by RemainCo or any member of the RemainCo Group prior to or after the Distribution Date. All of RemainCo’s use of the SpinCo House Marks shall inure to the benefit of
SpinCo. RemainCo agrees to use the SpinCo House Marks in accordance with such quality standards as are used by the SpinCo Group as of the date of this Agreement. Except as set forth in this Section 3.2, it is expressly agreed that
RemainCo is not obtaining any right, title or interest in the SpinCo House Marks. 
 Section 3.3 Removal of Classes from SpinCo
Marks. 
 (a) Within sixty (60) days from the Distribution Date, SpinCo will make all necessary filings and take all necessary
actions, subject to all applicable local Laws, to (i) as applicable, amend the description of goods and services to remove references to nuclear subject matter included in any existing registration for any SpinCo House Mark registered in the
United States, Canada, the United Kingdom, the People’s Republic of China, Romania, South Korea, Vietnam, India, Indonesia, Japan, Mexico, Norway, South Africa, Ukraine, the European Union and Argentina and (ii) as applicable, to amend or
modify the description of goods and services to remove references to nuclear subject matter contained in any application pending for any SpinCo House Mark in the United States, Canada, the United Kingdom, the People’s Republic of China,
Romania, South Korea, Vietnam, India, Indonesia, Japan, Mexico, Norway, South Africa, Ukraine, the European Union and Argentina. Without limiting the foregoing, within sixty (60) days from the Distribution Date, SpinCo will make all necessary
filings and take all necessary actions, subject to all applicable local Laws, to amend the description of goods and services to remove referenced to nuclear subject matter from the registrations and applications for SpinCo House Marks listed on
Schedule 3.3. 
 (b) Within ninety (90) days from the Distribution Date, SpinCo will make all necessary filings and take all
necessary actions, subject to all applicable local Laws, to (i) as applicable, amend the description of goods and services to remove references to nuclear subject matter included in any existing registration for any SpinCo Trademarks (other
than SpinCo House Marks otherwise covered by Section 3.3(a)) and (ii) as applicable, amend or modify any application pending for any SpinCo Mark (other than SpinCo House Marks otherwise covered by Section 3.3(a)) to
amend the description of goods and services to remove references to nuclear subject matter contained in such application. 

  
 10 

 Section 3.4 RemainCo Marks. SpinCo agrees and acknowledges that (i) as of the
date of this Agreement, as between the SpinCo Group and the RemainCo Group, all right, title and interest in and to the Trademarks set forth on Schedule 3.4 (the “RemainCo Trademarks”) shall be the sole and exclusive property of the
RemainCo Group and the SpinCo Group shall cease and discontinue all use of the RemainCo Marks as of the Distribution Date. 

Section 3.5 Duty to Avoid Confusion. The Parties confirm their belief that the likelihood of confusion will not result from their
respective use of the SpinCo Marks and RemainCo Marks, including RemainCo’s continuing use of the name BWX Technologies and continued use of the terms “BWX”, “BWX Technologies” or “BWXT” and derivations thereof and
therefrom, due to the differences in the goods and services primarily associated therewith (e.g., nuclear versus fossil fuel). In the event that either Party becomes aware of any actual confusion or mistake occurring as a result of their uses of
their respective marks, the Parties agree to communicate all details of each such instance to each other, and to cooperate reasonably to take steps to abate the cause of confusion or mistake, and to prevent any such confusion or mistake from arising
again. 
 ARTICLE IV 

SHARED LIBRARY MATERIALS 

Section 4.1 Shared Library Materials. RemainCo and SpinCo acknowledge and agree that the Shared Library Materials represent a
collection of shared historical and foundational information related to and derived from more than fifty (50) years of research and development focused on technology and design criteria applicable to the businesses of RemainCo and SpinCo, which
information, including all Know-How and Copyrights contained therein, has application to the businesses of RemainCo and SpinCo. The Shared Library Materials identified as of the Distribution Date are set forth on Schedule 4.1, which may be
amended or modified upon mutual agreement of the Parties from time to time to (i) include additional Shared Library Materials discovered after the Distribution Date or (ii) to reflect the results of the allocation process contemplated in
Section 4.4 below. 
 Section 4.2 Cross-License of Shared Library Materials. The Parties acknowledge and agree that
each of RemainCo and SpinCo and additional members of the RemainCo Group and SpinCo Group presently have shared access to and rights to exploit the Shared Library Materials and may have a right and interest in and to certain Shared Library
Materials, including in and to Intellectual Property embodied therein. Accordingly, (i) with respect to RemainCo’s right and interest in and to the Shared Library Materials, RemainCo, for itself and as representative of all other members
of the RemainCo Group, hereby grants to SpinCo (x) a perpetual (subject to Section 4.4), irrevocable, exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in
Section 5.6) to use the Shared Library Materials, including all Know-How and Copyrights embodied therein, for any purpose in the SpinCo Core Field and (y) a perpetual (subject to Section 4.4), irrevocable, non-exclusive,
royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the Shared Library Materials, including all Know-How and Copyrights embodied therein, for any purpose in any field
other than the RemainCo Core Field or the SpinCo Core Field and (ii) with respect to SpinCo’s right and interest in and to the Shared Library Materials, SpinCo, 

  
 11 

 
for itself and as representative of all other members of the SpinCo Group, hereby grants to RemainCo (x) a perpetual (subject to Section 4.4), irrevocable, exclusive,
royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the Shared Library Materials, including all Know-How and Copyrights embodied therein, for any purpose in the
RemainCo Core Field and (y) a perpetual (subject to Section 4.4), irrevocable, non-exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the
Shared Library Materials, including all Know-How and Copyrights embodied therein, for any purpose in any field other than the SpinCo Core Field or the RemainCo Core Field. The foregoing licenses include the right to reproduce, prepare derivative
works, distribute, perform and otherwise exploit such Shared Library Materials and to use the Shared Library Materials to design, develop, manufacture, have manufactured, sell and support products and services, subject in each case to applicable
export control Laws and the provisions of Section 4.5. 
 Section 4.3 Maintenance of Shared Library Materials.
Unless mutually agreed upon by the Parties in writing, all Shared Library Materials (other than those which have been allocated pursuant to Section 4.4) shall be maintained in a mutually agreed upon location accessible to both Parties
(the “Shared Location”) and in a manner mutually agreeable to both Parties with respect to shared access, removal and replacement of documents and similar issues. 

(a) Notwithstanding the foregoing, the Parties acknowledge and agree that (i) archival copies of certain Shared Library Materials are
recorded on microfiche; (ii) two sets of the applicable microfiche exist as of the Distribution Time; and (iii) rather than maintaining such microfiche in a mutually agreed upon location accessible to both Parties, each Party will be
entitled to maintain a copy of the microfiche at its own location, provided, however, that in the event that any Shared Library Materials are found to be missing from or otherwise inaccessible using one Party’s copy of the applicable
microfiche, the other Party will provide such Party with access to the microfiche in its possession for copying, with all copying costs to be paid by the Party seeking to obtain the copy. 

(b) RemainCo and SpinCo agree to share all costs and expenses of maintaining the Shared Library Materials on an equal basis and to share all
costs and expenses of maintaining the Shared Location as set forth in Schedule 6.3 of the Master Separation Agreement. In the event that one Party is responsible vis-a-vis a Third Party for the payment of costs and expenses related to the
Shared Location, such Party will provide to the other Party a statement of all costs and expenses incurred in connection with the Shared Location as set forth in Schedule 6.3 of the Master Separation Agreement. The other Party will reimburse
the responsible Party for the applicable percentage of such costs and expenses within thirty (30) days of receipt of such statement, unless otherwise agreed upon by the Parties. 

(c) Without limiting this Section 4.3, the Parties agree that as of the Distribution Time, the Shared Location will be the Iron
Mountain storage facility located at Boyers, Pennsylvania, which will be maintained pursuant to an agreement between RemainCo and Iron Mountain for the 137RC account and by SpinCo for the 1100 account. RemainCo and SpinCo shall share all costs and
expenses related to storing the Shared Library Materials with Iron Mountain in a manner consistent with Section 4.3(b) above. 

  
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 Section 4.4 Potential Allocation of Shared Library Materials. The Parties acknowledge
and agree that the Shared Library Materials may contain limited material that could be allocated solely to one Party with respect to ownership and use. In the event that one Party (the “Notifying Party”) discovers an item of Shared Library
Material which it believes should be allocated to one Party based upon a good faith belief that such items belongs to or relates exclusively to the business of such Party, the Notifying Party will notify the other Party (the “Reviewing
Party”) of the item and the proposed allocation, including the Notifying Party’s rationale, in writing and designate at least one representative from the relevant operating division to negotiate the proposal. The Reviewing Party will
designate at least one representative from the relevant operating division to review and negotiate the proposed allocation. The Parties, including the designated representatives, shall negotiate regarding the Notifying Party’s proposal in good
faith. In the event that the Parties mutually agree that the Notifying Party’s proposal is valid, the applicable item of Shared Library Material (i) shall be deemed to be owned by the specified Party, (ii) shall no longer constitute
Shared Library Material; (iii) shall be permanently removed from the Shared Location by the specified Party and (iv) shall be removed from Schedule 4.1, provided, however, that the foregoing shall not limit a Party’s existing
use of any Shared Library Material or obligate any Party to cease utilizing any derivative works of such Shared Library Material made prior to the date of agreement regarding the Notifying Party’s proposal. In the event that the Parties do not
agree that the Notifying Party’s proposal is valid, the applicable item shall remain Shared Library Material under the terms of this Agreement. Without limiting the foregoing, the Parties agree and acknowledge that the Shared Library Materials
may contain design standards and design manuals related solely to nuclear content set forth, which on Schedule 4.4 (collectively, the “Nuclear Design Manuals”), and that such Nuclear Design Manuals are deemed to be owned by
RemainCo, subject only to SpinCo’s right to confirm that such Nuclear Design Manuals, including each page therein, are marked with the engineering standards series and numbering set forth on Schedule 4.4. SpinCo’s right to such
confirmation is expressly limited to confirmation of the engineering standards series and numbering system contained in or on such Nuclear Design Materials for purposes of confirmation of the document’s identification and does not include the
right to analyze, review, or approve any of the content contained in any such Nuclear Design Manual. 
 Section 4.5 Confidentiality
and Trade Secret Status of Shared Library Materials. The Parties acknowledge that the Research Documents contained within the Shared Library Materials likely contain proprietary trade secret information. Each Party will use reasonable efforts to
maintain confidentiality of any trade secret or proprietary information contained within the Shared Library Materials in a manner materially consistent with the how the applicable Party protects its own trade secret or proprietary information. 

Section 4.6 Third Party Materials Contained in the Shared Library Materials. The Parties acknowledge that the Shared Library
Materials contain Third Party-owned material, including, without limitation, the Reference Materials, and this Agreement does not include any license to utilize such Third Party-owned material or any representation, warranty or indemnity from or to
SpinCo or RemainCo or any member of the SpinCo Group or RemainCo Group related to the use of such Third Party-owned material in connection with the Shared Library Materials. 

  
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 ARTICLE V 

INTELLECTUAL PROPERTY LICENSES AND COVENANTS 

Section 5.1 Cross-License of Shared Know-How. 

(a) SpinCo, for itself and as representative of all other members of the SpinCo Group, hereby grants to RemainCo (x) a perpetual,
irrevocable, exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the SpinCo Know-How currently or previously used in connection with the RemainCo Business
or otherwise in the possession of RemainCo or any member of the RemainCo Group as of Distribution Date (the “Licensed SpinCo Know-How”), for the continued operation of the RemainCo Business and any future extensions of the RemainCo
Business in the RemainCo Core Field and (y) a perpetual, irrevocable, non-exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the Licensed SpinCo
Know-How for the continued operation of the RemainCo Business and any future extensions of the RemainCo Business in any field other than the RemainCo Core Field or the SpinCo Core Field; provided, however, the foregoing licenses shall not extend to
(i) SpinCo Know-How licensed by SpinCo or any other member of the SpinCo Group if and to the extent the licensing of same to RemainCo would constitute a breach of an agreement with any Third Party executed prior to the Effective Date or result
in any expense to SpinCo or any member of the SpinCo Group for payments to such Third Party or (ii) any intellectual property not owned by one or more members of the SpinCo Group, or as to which no member of the SpinCo Group has the right to
grant sublicenses, as of the Effective Date. 
 (b) RemainCo, for itself and as representative of all other members of the RemainCo Group,
hereby grants to SpinCo (x) a perpetual, irrevocable, exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in Section 5.6) to use the RemainCo Know-How currently or previously
used in connection with the SpinCo Business or otherwise in the possession of SpinCo or any member of the SpinCo Group as of the Distribution Date (the “Licensed RemainCo Know-How”), for the continued operation of the SpinCo Business and
any future extensions of the SpinCo Business in the SpinCo Core Field and (y) a perpetual, irrevocable, non-exclusive, royalty-free, worldwide right and license with the right to grant sublicenses (solely as set forth in
Section 5.6) to use the Licensed RemainCo Know-How for the continued operation of the SpinCo Business and any future extensions of the SpinCo Business in any field other than the RemainCo Core Field or the SpinCo Core Field; provided,
however, the foregoing licenses shall not extend to (i) RemainCo Know-How licensed by RemainCo or any other member of the RemainCo Group if and to the extent the licensing of same to SpinCo would constitute a breach of an agreement with any
Third Party executed prior to the Effective Date or result in any expense to RemainCo or any member of the RemainCo Group for payments to such Third Party or (ii) any intellectual property not owned by one or more members of the RemainCo Group,
or as to which no member of the RemainCo Group has the right to grant sublicenses, as of the Effective Date. 
 Section 5.2
Reserved. 
 Section 5.3 Reserved.  

  
 14 

 Section 5.4 Cross-Licenses of Software. 

(a) The Parties acknowledge and agree that each of RemainCo and SpinCo and additional members of the RemainCo Group and SpinCo Group presently
have shared access to and rights to exploit the Software set forth on Schedule 5.4(a) (the “Foundational Software”) and may have a right and interest in and to the Foundational Software, including in and to Intellectual Property
embodied therein. Accordingly, (i) with respect to RemainCo’s right and interest in and to the Foundational Software, RemainCo, for itself and as representative of all other members of the RemainCo Group, hereby grants to SpinCo (x) a
perpetual, irrevocable, exclusive, royalty-free, worldwide right and license to use the Foundational Software, including any Intellectual Property embodied therein, for the continued operation of the SpinCo Business and any future extensions of the
SpinCo Business in the SpinCo Core Field and (y) a perpetual, irrevocable, non-exclusive, royalty-free, worldwide right and license to use the Foundational Software, including any Intellectual Property embodied therein, for the continued
operation of the SpinCo Business and any future extensions of the SpinCo Business in any field other than the SpinCo Core Field or the RemainCo Core Field; and (ii) with respect to SpinCo’s right and interest in and to the Foundational
Software, SpinCo, for itself and as representative of all other members of the SpinCo Group, hereby grants to RemainCo (x) a perpetual, irrevocable, exclusive, royalty-free, worldwide right and license to use the Foundational Software,
including any Intellectual Property embodied therein, for the continued operation of the RemainCo Business and any future extensions of the RemainCo Business in the RemainCo Core Field and (y) a perpetual, irrevocable, non-exclusive,
royalty-free, worldwide right and license to use the Foundational Software, including any Intellectual Property embodied therein, for the continued operation of the RemainCo Business and any future extensions of the RemainCo Business in any field
other than the SpinCo Core Field or the RemainCo Core Field. The foregoing licenses includes the right to reproduce, prepare derivative works, distribute, perform and otherwise exploit such Foundational Software and to use the Foundational Software
to design, develop, manufacture, have manufactured, sell and support products and services. 
 Section 5.5 Reserved. 

 Section 5.6 Sublicensing; Assignability. 

(a) The foregoing licenses shall be assignable in whole or in part only (i) to any Affiliate or (ii) to the extent the licensee
transfers to a Third Party all or substantially all of the assets of the business to which such Licensed SpinCo Intellectual Property or the Licensed RemainCo Intellectual Property, as applicable, relates. 

(b) RemainCo may sublicense the Licensed SpinCo Intellectual Property to Affiliates of RemainCo, even if they become Affiliates after the
Distribution Date, solely within the scope of its licenses in Article 5, provided that such sublicense shall only be effective for such time as such entity remains an Affiliate of RemainCo, subject to Section 5.6(a)(ii). RemainCo
may, and may permit its sublicensees to, sublicense erection and arrangement drawings; form, fit, and function drawings; and product and installation/erection specifications based upon the Licensed SpinCo Intellectual Property to: (i) customers
to enable them to use, operate, maintain and repair the equipment, services or other deliverables which incorporate or are derived from the Licensed SpinCo Intellectual Property and which were sold to them by RemainCo or its sublicensees; and
(ii) to contractors, subcontractors and vendors to enable them to manufacture, erect, install, service, repair and maintain those products to which the licenses set forth in Article 5 relate. 

  
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 (c) SpinCo may sublicense the Licensed RemainCo Intellectual Property to Affiliates of SpinCo,
even if they become Affiliates after the Distribution Date, solely within the scope of its licenses in Article 5, provided that such sublicense shall only be effective for such time as such entity remains an Affiliate of SpinCo, subject to
Section 5.6(a)(ii). SpinCo may, and may permit its sublicensees to, sublicense erection and arrangement drawings; form, fit, and function drawings; and product and installation/erection specifications based upon the Licensed RemainCo
Intellectual Property to: (i) customers to enable them to use, operate, maintain and repair the equipment, services or other deliverables which incorporate or are derived from the Licensed RemainCo Intellectual Property and which were sold to
them by SpinCo or its sublicensees; and (ii) to contractors, subcontractors and others to enable them to manufacture, erect, install, service, repair and maintain those products to which the license set forth in Article 5 relate. 

Section 5.7 Restrictions on Licensor Exploitation of Intellectual Property. 

(a) RemainCo (i) shall not use or exploit the Licensed RemainCo Intellectual Property in the SpinCo Core Field and (ii) shall not,
and shall not permit any member of the RemainCo Group to, license, provide or otherwise grant to any Third Party the right to use, exploit or access any Licensed RemainCo Intellectual Property in the SpinCo Core Field. 

(b) SpinCo (i) shall not use or exploit the Licensed SpinCo Intellectual Property in the RemainCo Core Field and (ii) shall not, and
shall not permit any member of the SpinCo Group to, license, provide or otherwise grant to any Third Party the right to use, exploit or access any Licensed SpinCo Intellectual Property in the RemainCo Core Field. 

Section 5.8 Third Party Agreements; Reservation of Rights. 

(a) All licenses granted herein are expressly made only subject to, and only to the extent permissible under, all pre-existing rights,
obligations and restrictions contained in any existing agreements related to the applicable Intellectual Property licensed herein, including, without limitation, licenses or other rights existing in third parties granted by SpinCo or RemainCo and/or
their sublicensees in existing license agreements, applicable agreements in existence between members of the RemainCo Group and the United States Department of Energy, applicable agreements in existence between members of the SpinCo Group and the
United States Department of Energy and all existing security agreements and liens in place in connection with such licensed Intellectual Property. 

(b) Except for the limited rights granted in this Agreement in connection with the Licensed RemainCo Intellectual Property, including, without
limitation, the rights and obligations arising out of or related to Section 5.10, RemainCo reserves to itself all right, title and interest in and to the Licensed RemainCo Intellectual Property. Without limiting the foregoing, for
purposes of clarity, as between RemainCo and SpinCo, RemainCo retains all rights in and to, and to use and exploit, and including without limitation the right to make, have made, use, lease, sell, offer for sale, and import, and use, reproduce,
prepare derivative works of, 

  
 16 

 
distribute copies, perform and display products and services which utilize or embody such Licensed RemainCo Intellectual Property in the RemainCo Core Field. Except for the limited rights granted
in this Agreement in connection with the Licensed SpinCo Intellectual Property, including, without limitation, the rights and obligations arising out of or related to Section 5.10, SpinCo reserves to itself all right, title and interest
in and to the Licensed SpinCo Intellectual Property. Without limiting the foregoing, for purposes of clarity, as between RemainCo and SpinCo, SpinCo retains all rights in and to, and to use and exploit, and including without limitation the right to
make, have made, use, lease, sell, offer for sale, and import, and use, reproduce, prepare derivative works of, distribute copies, perform and display products and services which utilize or embody such Licensed SpinCo Intellectual Property in the
SpinCo Core Field. 
 Section 5.9 Maintenance of Intellectual Property. 

(a) RemainCo shall not have, nor shall any member of the RemainCo Group have, any obligation to maintain the pendency, subsistence, validity,
enforceability or confidentiality of any Licensed RemainCo Intellectual Property. RemainCo may, and may permit an applicable member of the RemainCo Group to, discontinue maintenance, abandon or dedicate to the public any Licensed RemainCo
Intellectual Property. 
 (b) SpinCo shall not have, nor shall any member of the SpinCo Group have, any obligation to maintain the pendency,
subsistence, validity, enforceability or confidentiality of any Licensed SpinCo Intellectual Property. SpinCo may, and may permit an applicable member of the RemainCo Group to, discontinue maintenance, abandon or dedicate to the public any Licensed
RemainCo Intellectual Property. 
 Section 5.10 Covenants. 

(a) RemainCo hereby covenants not to sue SpinCo under any Licensed RemainCo Know-How and under RemainCo’s right, title and interest in and
to Shared Library Materials and Foundational Software, including, without limitation, all applicable Patents, Copyrights, and Know-How, for infringement or misappropriation based upon any action that occurs in connection with the continued operation
of the SpinCo Business and any future extensions of the SpinCo Business in any field other than the RemainCo Core Field after the Distribution Date. The foregoing covenant shall extend to any permitted assignees or sublicensees of SpinCo hereunder.
RemainCo further covenants to impose the obligations set forth in this Section 5.10(a) on any subsequent Third Party or Affiliate to whom RemainCo may sell, transfer, convey or otherwise assign any of the foregoing Intellectual Property
and shall ensure that any such Person agrees, in writing, to be bound by the covenants and obligations set forth herein. 
 (b) SpinCo hereby
covenants not to sue RemainCo under any Licensed SpinCo Know-How and under SpinCo’s right, title and interest in and to Shared Library Materials and Foundational Software, including, without limitation, all applicable Patents, Copyrights, and
Know-How, for infringement or misappropriation based upon any action that occurs in connection with the continued operation of the RemainCo Business and any future extensions of the RemainCo Business in any field other than the SpinCo Core Field
after the Distribution Date. The foregoing covenant shall extend to any permitted assignees or sublicensees of RemainCo 

  
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hereunder. SpinCo further covenants to impose the obligations set forth in this Section 5.10(b) on any subsequent Third Party or Affiliate to whom SpinCo may sell, transfer, convey or
otherwise assign any of the foregoing Intellectual Property and shall ensure that any such Person agrees, in writing, to be bound by the covenants and obligations set forth herein. 

ARTICLE VI 
 TECHNICAL
ASSISTANCE AND TECHNOLOGY TRANSFER 
 Section 6.1 Reserved.  

Section 6.2 Reserved. 

Section 6.3 No Additional Technical Assistance. Except as expressly set forth in the Master Separation Agreement or any other
Intellectual Property Agreement or other Ancillary Agreement, no Party shall be required to provide the other Party with any technical assistance or to furnish any other Party with any documents, materials or other information or Know-How. 

ARTICLE VII 
 NO
WARRANTIES. 
 Except as expressly set forth in this Agreement, SpinCo and RemainCo understand and agree that no member of the RemainCo
Group is making any representation or warranty of any kind whatsoever, express or implied, to SpinCo or any member of the SpinCo Group in any way as to the SpinCo Business, the Shared Library Materials or the Licensed RemainCo Intellectual Property;
and, no member of the SpinCo Group is making any representation or warranty of any kind whatsoever, express or implied, to RemainCo or any member of the RemainCo Group in any way as to the RemainCo Business, the Shared Library Materials or the
Licensed SpinCo Intellectual Property. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING THE TRANSFERS AND LICENSES REFERRED TO IN THIS AGREEMENT (INCLUDING PRIOR TRANSFERS) HAVE BEEN, OR WILL BE, MADE WITHOUT ANY REPRESENTATION OR WARRANTY OF ANY
NATURE, EXPRESS OR IMPLIED, AT COMMON LAW, BY STATUTE OR OTHERWISE, RELATING TO (A) THE VALUE OR FREEDOM FROM ENCUMBRANCE OF, ANY ASSETS OR INTELLECTUAL PROPERTY, (B) THE CONDITION OR SUFFICIENCY OF ANY ASSETS OR INTELLECTUAL PROPERTY
(INCLUDING ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, MARKETABILITY, TITLE, VALUE, FREEDOM FROM ENCUMBRANCE OR OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, OR THE PRESENCE OR ABSENCE OF ANY HAZARDOUS
MATERIALS IN OR ON, OR DISPOSED OR DISCHARGED FROM, SUCH ASSETS), (C) THE NON-INFRINGEMENT OF ANY PATENT OR OTHER INTELLECTUAL PROPERTY RIGHT OF ANY THIRD PARTY, (D) ANY OTHER MATTER CONCERNING ANY ASSETS OR INTELLECTUAL PROPERTY
(E) AS TO THE LEGAL SUFFICIENCY TO CONVEY TITLE TO ANY ASSETS OR INTELLECTUAL PROPERTY OR (F) THAT THE LICENSOR HAS ANY RIGHTS OR TITLE AT ALL IN OR TO ANY INTELLECTUAL PROPERTY. WITHOUT LIMITING THE FOREGOING,

  
 18 

 
REMAINCO AND SPINCO HEREBY ACKNOWLEDGE AND AGREE THAT ALL INTELLECTUAL PROPERTY TRANSFERRED OR LICENSED PURSUANT TO THIS AGREEMENT AND ALL INTELLECTUAL PROPERTY INCLUDED IN PRIOR TRANSFERS ARE
BEING OR WERE LICENSED OR TRANSFERRED “AS IS, WHERE IS.” 
 ARTICLE VIII 

THIRD-PARTY INFRINGEMENT 

Section 8.1 No Obligation. No Party shall have any obligation to institute or maintain any action or suit against any Third Party
for infringement or misappropriation of any Intellectual Property licensed hereunder, or to defend any action or suit brought by a Third Party which challenges or concerns the validity of any such Intellectual Property or which claims that any
Intellectual Property licensed to the other Party infringes or constitutes misappropriation of the Intellectual Property rights of any Third Party. 

Section 8.2 Notice Regarding Infringement. Each Party shall promptly notify the other Party in writing upon learning that a Third
Party may potentially be infringing, misappropriating or otherwise violating any Intellectual Property licensed under this Agreement, which notice shall set forth in reasonable detail the identity of the suspected infringer and nature of suspected
infringement. 
 Section 8.3 Suits for Infringement. 

(a) Licensed RemainCo Intellectual Property. 

(i) With respect to any Licensed RemainCo Intellectual Property to which RemainCo has granted SpinCo an exclusive license hereunder, as between
RemainCo and SpinCo, RemainCo shall have the first right to initiate, prosecute and control any action or proceeding to restrain infringement or misappropriation of such Licensed RemainCo Intellectual Property in the SpinCo Core Field, and, for
purposes of clarity, the sole and exclusive right to initiate, prosecute and control such proceedings in the RemainCo Core Field and in any field other than the SpinCo Core Field. RemainCo shall provide prompt written notice to SpinCo of any
determination to initiate, prosecute and control any such action or proceeding in the SpinCo Core Field. SpinCo, as the exclusive licensee, agrees to be joined as a party if necessary to prosecute the action or proceeding, and shall provide all
reasonable cooperation, including any necessary use of their name, required to prosecute such action or proceeding. In such instance, RemainCo shall control any such action or proceeding and negotiations for its settlement and compromise and shall
have sole discretion regarding the settlement or compromise thereof. In connection with the foregoing, SpinCo may, at its option, elect to assume and pay its and RemainCo’s out-of-pocket costs incurred in connection with such litigation or
proceeding undertaken by RemainCo, including, without limitation, attorney’s fees. SpinCo will provide prompt written notice to RemainCo, in any event no later than thirty (30) after receipt of RemainCo’s notice of its determination
to initiate, prosecute and control such action or proceeding in the SpinCo Core Field, of its determination to elect to assume and pay the applicable costs or to decline to pay assume and pay the applicable costs. In the event SpinCo does not elect
to assume and pay the costs associated with RemainCo’s initiation, prosecution 

  
 19 

 
and control of such action or proceeding in the SpinCo Core Field, RemainCo shall assume and pay its and SpinCo’s out-of-pocket costs incurred in connection with such litigation or
proceeding undertaken by RemainCo, including, without limitation, attorney’s fees. Any recovery obtained as a result of such proceeding in the SpinCo Core Field shall be retained by (i) SpinCo in the event that SpinCo assumed and paid the
applicable costs of the litigation or proceeding or (ii) RemainCo in the event that RemainCo assumed and paid the applicable costs of the litigation or proceeding in accordance with this Section 8.3(a)(i). 

(ii) If RemainCo does not exercise its right to enforce any applicable Licensed RemainCo Intellectual Property in the SpinCo Core Field,
RemainCo shall provide notice to that effect to SpinCo and, as between RemainCo and SpinCo, SpinCo shall have the right to initiate, prosecute and control any action or proceeding to restrain infringement or misappropriation of such Licensed
RemainCo Intellectual Property in the SpinCo Core Field. SpinCo shall provide prompt written notice to RemainCo of any determination to initiate, prosecute and control any such action or proceeding in the SpinCo Core Field. RemainCo, as the owner
and licensor, agrees to be joined as a party if necessary to prosecute the action or proceeding, and shall provide all reasonable cooperation, including any necessary use of their name, required to prosecute such action or proceeding. In connection
with the foregoing, SpinCo shall assume and pay its and RemainCo’s out-of-pocket costs incurred in connection with any litigations or proceedings described above, including, without limitation, attorney’s fees. Any recovery obtained as a
result of such proceeding related to infringement or misappropriation in the SpinCo Core Field shall be retained by SpinCo. 
 (iii) In the
event that a Third Party may potentially be infringing, misappropriating or otherwise violating any Licensed RemainCo Intellectual Property in both the SpinCo Core Field and the RemainCo Core Field, SpinCo and RemainCo will meet and confer in good
faith regarding the manner in which to respond to such infringement in the SpinCo Core Field and RemainCo Core Field collectively, provided, however, that the foregoing does not limit the rights set forth in Section 8.3(a)(i) or
Section 8.3(a)(ii). 
 (b) Licensed SpinCo Intellectual Property. 

(i) With respect to any Licensed SpinCo Intellectual Property to which SpinCo has granted RemainCo an exclusive license hereunder, as between
SpinCo and RemainCo, SpinCo shall have the first right to initiate, prosecute and control any action or proceeding to restrain infringement or misappropriation of such Licensed SpinCo Intellectual Property in the RemainCo Core Field, and, for
purposes of clarity, the sole and exclusive right to initiate, prosecute and control such proceedings in the SpinCo Core Field and in any field other than the RemainCo Core Field. SpinCo shall provide prompt written notice to RemainCo of any
determination to initiate, prosecute and control any such action or proceeding in the RemainCo Core Field. RemainCo, as the exclusive licensee, agrees to be joined as a party if necessary to prosecute the action or proceeding, and shall provide all
reasonable cooperation, including any necessary use of their name, required to prosecute such action or proceeding. In such instance, SpinCo shall control any such action or proceeding and negotiations for its settlement and compromise and shall
have sole discretion regarding the settlement or compromise thereof. In connection with the foregoing, RemainCo may, at its option, elect to assume and pay its and SpinCo’s out-of-pocket costs incurred in connection with such litigation or
proceeding, 

  
 20 

 
including, without limitation, attorney’s fees. RemainCo will provide prompt written notice to SpinCo, in any event no later than thirty (30) after receipt of SpinCo’s notice of
its determination to initiate, prosecute and control such action or proceeding in the RemainCo Core Field, of its determination to elect to assume and pay the applicable costs or to decline to pay assume and pay the applicable costs. In the event
RemainCo does not elect to assume and pay the costs associated with SpinCo’s initiation, prosecution and control of such action or proceeding in the RemainCo Core Field, SpinCo shall assume and pay its and RemainCo’s out-of-pocket costs
incurred in connection with such litigation or proceeding undertaken by SpinCo, including, without limitation, attorney’s fees. Any recovery obtained as a result of such proceeding in the RemainCo Core Field shall be retained by
(i) RemainCo in the event that RemainCo assumed and paid the applicable costs of the litigation or proceeding or (ii) SpinCo in the event that SpinCo assumed and paid the applicable costs of the litigation or proceeding in accordance with
this Section 8.4(a)(i). 
 (ii) If SpinCo does not exercise its right to enforce any applicable Licensed SpinCo Intellectual
Property in the RemainCo Core Field, SpinCo shall provide notice to that effect to RemainCo and, as between SpinCo and RemainCo, RemainCo shall have the right to initiate, prosecute and control any action or proceeding to restrain infringement or
misappropriation of such Licensed SpinCo Intellectual Property in the RemainCo Core Field. RemainCo shall provide prompt written notice to SpinCo of any determination to initiate, prosecute and control any such action or proceeding. SpinCo, as the
owner and licensor, agrees to be joined as a party if necessary to prosecute the action or proceeding, and shall provide all reasonable cooperation, including any necessary use of their name, required to prosecute such action or proceeding. In
connection with the foregoing, RemainCo shall assume and pay its and SpinCo’s out-of-pocket costs incurred in connection with any litigations or proceedings described above, including, without limitation, attorney’s fees. Any recovery
obtained as a result of such proceeding related to infringement or misappropriation in the RemainCo Core Field shall be retained by RemainCo. 

(iii) In the event that a Third Party may potentially be infringing, misappropriating or otherwise violating any Licensed SpinCo Intellectual
Property in both the RemainCo Core Field and the SpinCo Core Field, SpinCo and RemainCo will meet and confer in good faith regarding the manner in which to respond to such infringement in the RemainCo Core Field and SpinCo Core Field collectively,
provided, however, that the foregoing does not limit the rights set forth in Section 8.4(a)(i) or Section 8.4(a)(ii). 

ARTICLE IX 

CONFIDENTIALITY 

Section 9.1 RemainCo and SpinCo shall hold and shall cause the members of the RemainCo Group and the SpinCo Group, respectively, to hold,
and shall each cause their respective officers, employees, agents, consultants and advisors to hold, in strict confidence and not to disclose or release without the prior written consent of the other Party, any and all Confidential Information (as
defined herein) of such other Party or the members of its Group; provided, that the Parties may disclose, or may permit disclosure of, such Confidential Information (i) to their respective auditors, attorneys, financial advisors, bankers and
other 

  
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appropriate consultants and advisors who have a need to know such information and are informed of their obligation to hold such information confidential to the same extent as is applicable to the
Parties and in respect of whose failure to comply with such obligations, RemainCo or SpinCo, as the case may be, will be responsible or (ii) to the extent any member of the RemainCo Group or the SpinCo Group is compelled to disclose any such
Confidential Information by judicial or administrative process or, in the opinion of legal counsel, by other requirements of Law. Notwithstanding the foregoing, in the event that any demand or request for disclosure of Confidential Information is
made pursuant to clause (ii) above, RemainCo or SpinCo, as the case may be, shall promptly notify the other of the existence of such request or demand and shall provide the other a reasonable opportunity to seek an appropriate protective order
or other remedy, which both Parties will cooperate in seeking to obtain. In the event that such appropriate protective order or other remedy is not obtained, the Party who is being compelled to disclose (or whose Group member is being compelled to
disclose) shall, and shall cause the applicable members at its Group to, furnish, or cause to be furnished, only that portion of such Confidential Information that is legally required to be disclosed. 

Section 9.2 As used in this Article 9, “Confidential Information” shall mean all proprietary, technical or proprietary,
operational information (including Know-How and proprietary information relating to the ages, birth dates, social security numbers, health-related matters or other confidential matters concerning employees or former employees) of one Party or
members of its Group which, prior to or following the Distribution Time, has been disclosed by RemainCo or members of the RemainCo Group, on the one hand, or SpinCo or members of the SpinCo Group, on the other hand, to, or otherwise has come into
the possession of, the other Group, including pursuant to the technical assistance and technology transfer provisions of Article VI hereof or any other provision of this Agreement (except to the extent that such information can be shown to have been
(a) in the public domain through no fault of such Party (or, in the case of RemainCo, any other member of the RemainCo Group or, in the case of SpinCo, any other member of the SpinCo Group) or (b) later lawfully acquired from other sources
by the Party (or, in the case of RemainCo, such member of the RemainCo Group or, in the case of SpinCo, such member of the SpinCo Group) to which it was furnished; provided, however, in the case of (b) that such sources did not provide such
information in breach of any confidentiality obligations), or (c) independently developed by employees or agents of such Party who had no access, direct or indirect, to such information provided by the other Party. 

(a) Each Party shall use the Confidential Information only as permitted pursuant to this Agreement and shall not disclose any Confidential
Information to any Third Party unless permitted pursuant to this Agreement. Each Party shall exercise the same degree of care to protect and maintain the confidentiality of the Confidential Information received from the other Party hereunder (but no
less than a reasonable degree of care) as they take to preserve confidentiality for their own similar information. Without limiting the foregoing, each Party will take commercially reasonable efforts to implement and maintain comprehensive security
protocols to protect and maintain the confidentiality of the Confidential Information received from the other Party hereunder, including, without limitation, implementing administrative, technical, digital, electronic and physical security
strategies and access restrictions to protect Confidential Information. 

  
 22 

 ARTICLE X 

MISCELLANEOUS 

Section 10.1 Authority. Each of the Parties represents to the other that (a) it has the corporate or other requisite power
and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it has been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed
and delivered this Agreement to be executed and delivered on or prior to the Distribution Time, and (d) this Agreement is legal, valid and binding obligations, enforceable against it in accordance with their respective terms subject to
applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting creditors’ rights generally and general equity principles. 

Section 10.2 Entire Agreement. This Agreement and the Schedules referenced herein or therein or attached hereto or thereto,
constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and supersedes all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter
hereof. 
 Section 10.3 Binding Effect; Third-Party Beneficiaries; Assignment. Except as expressly set forth in
Section 5.10 and except for the Affiliates of the Parties, which are intended to be third party beneficiaries hereunder, this Agreement does not and is not intended to confer any rights or remedies upon any Person other than the Parties.
This Agreement shall inure to the benefit of and be binding upon the Parties and their respective successors and permitted assigns. This Agreement may not be assigned by either Party, except with the prior written consent of the other Party. 

Section 10.4 Amendment. No change or amendment may be made to this Agreement except by an instrument in writing signed on behalf
of both of the Parties. 
 Section 10.5 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part
of either Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty, covenant or agreement contained herein, nor shall any single or partial
exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Schedules attached hereto are cumulative to, and not exclusive of, any rights or remedies
otherwise available. 
 Section 10.6 Notices. Unless otherwise expressly provided herein, all notices, claims, certificates,
requests, demands and other communications hereunder shall be in writing and shall be deemed to be duly given (i) when personally delivered or (ii) if mailed by registered or certified mail, postage prepaid, return receipt requested, on
the date the return receipt is executed or the letter is refused by the addressee or its agent or (iii) if sent by overnight courier which delivers only upon the signed receipt of the addressee, on the date the receipt acknowledgment is
executed or refused by the addressee or its agent or (iv) if sent by facsimile or electronic mail, on the date confirmation of transmission is received (provided that a copy of any notice delivered pursuant to this clause (iv) shall also
be sent pursuant to clause (i), (ii) or (iii)), addressed to the attention of the addressee’s General Counsel at the address of its principal executive office or to such other address or facsimile number for a Party as it shall have
specified by like notice. 

  
 23 

 Section 10.7 Counterparts. This Agreement, including the Schedules and Exhibits
hereto and the other documents referred to herein, may be executed in multiple counterparts, each of which when executed shall be deemed to be an original but all of which together shall constitute one and the same agreement. 

Section 10.8 Severability. If any term or other provision of this Agreement or the Schedules attached hereto is determined
by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in
full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated
hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

Section 10.9 Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the
substantive laws of the State of Delaware, without regard to any conflicts of law provisions thereof that would result in the application of the laws of any other jurisdiction. 

Section 10.10 Construction. This Agreement shall be construed as if jointly drafted by SpinCo and RemainCo and no rule of
construction or strict interpretation shall be applied against either Party. The Parties represent that this Agreement is entered into with full consideration of any and all rights which the Parties may have. The Parties have relied upon their own
knowledge and judgment and upon the advice of the attorneys of their choosing. The Parties have had access to independent legal advice, have conducted such investigations they and their counsel thought appropriate, and have consulted with such other
independent advisors as they and their counsel deemed appropriate regarding this Agreement and their rights and asserted rights in connection therewith. The Parties are not relying upon any representations or statements made by any other Party, or
such other Party’s employees, agents, representatives or attorneys, regarding this Agreement, except to the extent such representations are expressly set forth or incorporated in this Agreement. The Parties are not relying upon a legal duty, if
one exists, on the part of the other Party (or such other Party’s employees, agents, representatives or attorneys) to disclose any information in connection with the execution of this Agreement or its preparation, it being expressly understood
that neither Party shall ever assert any failure to disclose information on the part of the other Party as a ground for challenging this Agreement. 

Section 10.11 Performance. Each Party shall cause to be performed, and hereby guarantees the performance of, all actions,
agreements and obligations set forth herein to be performed by any Subsidiary or Affiliate of such Party. 
 [INTENTIONALLY LEFT BLANK] 

  
 24 

 WHEREFORE, the Parties have signed this Agreement effective as of the date first set forth above.

 THE BABCOCK & WILCOX COMPANY 
  

			
	By:		  

	Name:		
	Title:		

 BABCOCK & WILCOX ENTERPRISES, INC. 
  

			
	By:		  

	Name:		
	Title:		

 Schedule 1.1(e) 

SpinCo Core Field; RemainCo Core Field 

SpinCo Core Field means: 
 1. Ownership and/or operation
of power generation facilities fired with combustible fossil fuels (e.g., coal, coal slurry, oil or natural gas), biomass, municipal solid waste or concentrated solar energy through tower based solar thermal conversion systems, in each case for the
provision of power, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as
well as United Kingdom NDA or MOD sites). 
 2. Design, development, research, engineering, procurement, fabrication, analysis, manufacture, construction,
installation, supply, marketing, sale, lease, rent, commissioning, training, delivery, inspection, testing of, support, operations, inspection, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, repowering/fuel
switching, relocation, localization, or other services, including project management, construction project management or consultation, plant, system or component licensing, siting support or consultation, environmental, safety, health, laboratory
analysis, engineering studies, field engineering services, nondestructive testing, evaluation or analytical services, metallographic analysis, consulting services, troubleshooting, failure analysis, cleaning, upgrading, tooling, or decommissioning
related to: 
  

	 	(a).	Fired steam generators encompassing fossil fuel boilers which are fueled by combustible fossil fuels (e.g., coal, coal slurry, oil or natural gas) or support subsystems, equipment or components thereof, including fuel
drying, fuel feed, pulverizers, burners, combustion systems, grates, pressure parts, air heaters, fans, boiler cleaning systems, ash systems, valves, controls & diagnostics, oxycombustion systems, condensing heat exchangers used in
connection with such fired steam generators, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to
NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

  

	 	(b).	Fired steam generators encompassing waste fuel boilers which are fueled by combustible waste fuels (e.g., carbon monoxide, biomass, black liquor, municipal solid waste (MSW) or refuse-derived fuel (RDF)) or support
subsystems, equipment or components thereof, including fuel drying, fuel feed, pulverizers, burners, combustion systems, grates, pressure parts, air heaters, fans, boiler cleaning systems, ash systems, valves, controls & diagnostics,
oxycombustion systems, condensing heat exchangers used in connection with such fired steam generators, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign
government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

	 	(c).	Gasifier systems which partially convert fossil or waste fuels (e.g., coal, oil, natural gas or biomass) to syngas and support subsystems, equipment or components thereof, including fuel drying, fuel feed, pulverizers,
burners, combustion systems, gasifiers, heat exchangers used in connection with such gasifier systems, pressure parts, boiler cleaning systems, ash systems, valves, controls & diagnostics, other than maintenance and operation services
performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

 

	 	(d).	Tower-based solar thermal conversion systems which are enabled by solar energy and support subsystems, equipment or components thereof, including receiver system, pressure parts, molten salt or particle systems (e.g.,
heat exchangers specifically for tower-based solar thermal conversion systems enabled by solar energy or associated pumps or tanks), valves, controls or diagnostics, other than maintenance and operation services performed as part of overall facility
operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

 

	 	(e).	The following specific unfired heat exchangers Turbine Exhaust Gas boilers (10K2), Heat Recovery Steam Generation Boilers (10K22), Water Tube Waste Heat Boilers Two Drum (Stirling Types) (1K4), 3 Drum Waste Heat
Recovery Boiler (1K4), Water Tube Waste Heat “H” Stirling Boiler (1K4), Water Tube Long Drum (LD) boiler (1K4), CO boiler (1K26), Waste Heat (WH) (1K4), Oxygen Convertor Hoods (1K44), Gas Tube (FT) boilers (1K46), FM boilers (1K239), FO
boilers (1K2311), Struthers Wells type EOR boiler as defined by the existing specific referenced design standards, or support subsystems, equipment or components thereof, including pressure parts, cleaning systems, valves, controls or diagnostics,
other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United
Kingdom NDA or MOD sites). 

  

	 	(f).	Chemical looping conversion systems which are fueled by combustible fossil fuels (e.g., coal, coal slurry, oil or natural gas) and which produce an energy output of steam, CO2, H2 or syngas or support subsystems, equipment or components thereof, including fuel feed, pulverizers, reactors, pressure parts, air
heaters, fans, boiler cleaning systems, ash systems, valves, controls or diagnostics, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies
or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

  

	 	(g).	Pulverized coal injection systems for use in connection with steel production or support subsystems, equipment or components thereof, including pulverizers, pressurization systems, tanks, valves, controls or
diagnostics, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well
as United Kingdom NDA or MOD sites). 

	 	(h).	Heat transfer surface cleaning systems and support subsystems, equipment and components thereof (other than said systems related to or utilized in connection with nuclear fueled systems and expressly excluding nuclear
steam generators), including sootblowers (air, steam, water or sonic), related valve or piping systems, sprayers, controls (basic, intelligent) or diagnostics, other than maintenance and operation services performed as part of overall facility
operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

 

	 	(i).	Ash handling systems or support subsystems, equipment or components thereof, including mechanical conveyors (wet or dry), pneumatic conveyors (wet, dry, dilute, or dense phase), ash conditioning, tanks, valves,
specialty piping, controls or diagnostics, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to
NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

  

	 	(j).	Industrial pulverizer or grinding equipment systems or support subsystems (other than said systems or support subsystems related to or utilized in connection with nuclear fuel manufacturing or processing), other than
maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or
MOD sites). 

  

	 	(k).	Drying and/or coating systems utilizing continuous and/or batch flow dryer/oven equipment for industrial processes, including but not limited to various production lines (e.g., roll fed, sheet fed, coating, drying or
web handling), dryers and/or ovens (e.g., air flotation dryers or ovens, roll support dryers, infrared dryers, ultraviolet dryers, microwave or radio frequency), coating line auxiliary equipment, festoon and catenary style ovens, valves and material
handling systems, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as
well as United Kingdom NDA or MOD sites). 

  

	 	(l).	Utility emissions control systems used in connection with combustion power generation systems, which are designed to remove nitrogen oxides (e.g., SCR or SNCR), sulfur oxides (e.g., WFGD, SDA, CDS, DSI, or others),
particulates (e.g., dry ESP, wet ESP, fabric filter or cyclonic), carbon dioxide (e.g., scrubber systems), hydrocarbons, or air toxics (e.g., Sb, Be, Cd, Cr, Co, Pb, Mn, Ni, (SO2)3, HF, Hg, P, Se, Cd, As, or HCl (or other acid gases)), HAPS,
dioxins, furans or others) and/or subsequent energy or waste recovery or associated subsystems, equipment or components thereof, including valves, other than maintenance and operation services performed as part of overall facility operation and
management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

	 	(m).	Wastewater treatment systems (i) that process wastewater derived from combustion power generation and municipal solid waste (“MSW”) systems, including without limitation FGD dewatering systems or zero
liquid discharge (ZLD) systems, or associated subsystems, equipment or components thereof, including valves or (ii) that process wastewater as part of or ancillary to the systems set forth in SpinCo Core Field 2(k), 2(l) or 2(n), in each case
other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United
Kingdom NDA or MOD sites). 

  

	 	(n).	Industrial emission control, gas cleaning and/or conditioning, or liquids purification and/or recovery systems (other than said systems set forth in RemainCo Core Field 1(m)), including SCR, SNCR, WFGD, SDA, CDS, DSI,
other scrubbers, dry ESP, wet ESP, fabric filter, cyclonic, solvent recovery systems, biological abatement systems, solvent distillation systems (including waste water treatment), evaporative gas conditioning and cooling systems or regenerative
thermal (and other) oxidation systems or associated subsystems, equipment or components thereof, including valves, for the removal of nitrogen oxides, sulfur oxides, particulates, carbon dioxide, hydrocarbons, or air toxics (e.g., Sb, Be, Cd,
Cr, Co, Pb, Mn, Ni, (SO2)3, HF, Hg, P, Se, As, Cd, HCl (or other acid gases)), HAPS, dioxins, furans, others) and/or subsequent energy or waste recovery, other than maintenance and operation
services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites).

  

	 	(o).	Hybrid power generation systems or associated equipment where renewable energy sources are combined with a combustible fossil fuel (e.g., coal, coal slurry, oil or natural gas) or combustible waste fuel (e.g., carbon
monoxide, biomass, black liquor, MSW or RDF) primary energy source, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or foreign government agencies or entities
(including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

 3. Engineering procurement, construction,
installation, supply, lease, commissioning, training , delivery, inspection, testing of, support, operations, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, relocation, project management, construction
management, technical advice, construction consultation, siting support or consultation, environmental services or consultation, safety, health, troubleshooting, cleaning, upgrading and tooling of balance of plant for power generation facilities
fired with combustible fossil fuels (e.g., coal, coal slurry, oil or natural gas) and pulp and paper facilities, other than maintenance and operation services performed as part of overall facility operation and management contracts for domestic or
foreign government agencies or entities (including but not limited to NNSA, NASA, DOD, DOE, as well as United Kingdom NDA or MOD sites). 

 RemainCo Core Field means: 

1. Design, development, research, engineering, procurement, fabrication, analysis, manufacture, construction, installation, supply, marketing, sale, lease,
rent, commissioning, training, delivery, inspection, testing of, support, operations, inspection, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, repowering/fuel switching, relocation, localization, or other
services, including project management, construction project management or consultation, plant, system or component licensing, siting support or consultation, environmental, safety, health, laboratory analysis, engineering studies, field engineering
services, nondestructive testing, evaluation or analytical services, metallographic analysis, consulting services, troubleshooting, failure analysis, cleaning, upgrading, tooling, or decommissioning, related to: 

 

	 	(a).	Nuclear facilities and nuclear reactor plants, nuclear reactor systems, nuclear reactors, including all thermal reactors (including all heavy-water and light-water reactors), all water cooled reactors, all liquid metal
cooled reactors (including sodium cooled reactors), gas cooled reactors (including helium, carbon dioxide and nitrogen) and molten salt reactors, breeder reactors, traveling wave reactors, high temperature reactors, small modular nuclear reactors,
medical isotope reactors and components thereof and all Generation I, Generation II, Generation III and all advanced reactors, including and Generation IV reactors and iterations thereof regardless of design, and hybrid power generation systems and
associated equipment where renewable energy sources are combined with a nuclear primary energy source. 

  

	 	(b).	Support systems and subsystems, equipment and components of nuclear systems and nuclear reactors, including, reactor coolant systems, reactor protection, control and instrumentation systems, reactor auxiliary and safety
systems, balance of plant systems, reactor vessel closure heads, reactor and other pressure vessels and internals, reactor coolant pumps, stators and motors, reactor fuel channels, feeders and related components, steam generators, reactor control
rod drive mechanisms and other reactor electro-mechanical equipment and controls therefore, specialized tooling and inspection systems, heat exchangers, pressurizers, primary and secondary piping, valves and pumps, spent fuel and other nuclear fuel
and nuclear material storage and shipping, nuclear waste containers and related systems, audio/visual systems, steam generator tube inspection systems, repair, modification and stabilization systems, tube plugging and tube removal systems.

  

	 	(c).	Nuclear fuel and nuclear fuel components, including enrichment and any related components, assembly, nuclear fuel plant processes, manufacturing systems and processes and systems for the chemical processing of
radiological materials, fuel core and fuel bearing precision components, fuel powder, sources, targets, targets for medical isotope production and industrial isotope production, targets for research and analysis in research reactors, graphite
reflectors and control rods, poisons and other special nuclear materials for development and manufacturing of fuel components for pebble bed and other reactors. 

  

	 	(d).	Electro-mechanical devices related to or used in commercial, research, government, military and other nuclear facilities, reactors or vessels and associated subsystems, equipment and components thereof.

  

	 	(e).	Advanced power systems for space applications and associated subsystems, equipment and components thereof. 

  

	 	(f).	Nuclear and non-nuclear propulsion systems for naval (U.S. and foreign) submarines and aircraft carriers and associated subsystems, equipment and components thereof, including all aftermarket, replacement and repair
parts, components and equipment for existing naval submarines and aircraft carriers. 

	 	(g).	Nuclear propulsion systems for naval (U.S. and foreign) vessels other than submarines and aircraft carriers and associated subsystems, equipment and components thereof, including aftermarket, replacement and repair
parts, components and equipment for such existing vessels. 

  

	 	(h).	Single crystal composite and ceramic materials for use in nuclear, defense, space and aerospace applications and subsystems, equipment and components thereof 

 

	 	(i).	High energy physics equipment, including electro-magnetic storage devices, power conversion and conditioning systems, superconducting materials and plasma energy systems, and, in each case, subsystems and components
thereof, excluding energy storage systems that store kinetic energy using a rotating mass with low friction losses and deliver the stored energy via power electronics that convert kinetic to electrical energy using electrical equipment typical for
that type of service. 

  

	 	(j).	Ordnance components, subsystems and components thereof. 

  

	 	(k).	Unfired heat exchangers where the applicable heat source energy input is derived from the release and/or use of nuclear energy or support subsystems, equipment or components thereof, including pressure parts, cleaning
systems, valves, controls or diagnostics. 

  

	 	(l).	Wastewater treatment systems that process wastewater derived from the release and/or use of nuclear energy and subsystems, equipment and components thereof 

 

	 	(m).	Emission control systems related to nuclear fuel manufacture or fabrication, storage of nuclear materials and waste and nuclear powered systems and subsystems, equipment and components thereof. 

2. Chemical and physical processing, storage and decontamination of and other management, operations, safety, security, emergency management, remediation and
technical services related to radiological materials (including highly enriched uranium, low enriched uranium, natural uranium, fissile material and transuranic material), including receipt, storage, inspection, characterization, dissolution,
recovery and purification, downblending, recycling, scrap recovery and processing and related research, development, engineering and analysis. 
 3.
Developing and providing services related to security (including direct security services as well as training, consulting and similar services) for new or existing commercial, research, government, military and other facilities or vessels, including
tactical security, security training, IT security, development of security processes, fitness for duty and government compliance (both contractual compliance) and in connection with NRC or other applicable licensing requirements. 

4. Provide facility operation and maintenance services, including production and program management, maintenance (including maintenance and service of fossil
fired and renewable power generation systems performed as part of overall facility operation and management contracts), operation, environmental health and safety, security, emergency management, wastewater treatment, remediation and abatement,
decontamination and decommissioning material storage and disposition and other related technical services, to domestic or foreign agencies (including but not limited to NNSA, NASA, DOD, DOE as well as United Kingdom NDA or MOD sites) and commercial
entities related to critical infrastructure, nuclear, non-nuclear and biological activities such as nuclear operations of reactors and reactor facilities, laboratory (including national laboratories) and other facility operations, weapons
production, refurbishment, storage and stockpile management, component (including centrifuge) 

 
manufacturing, medical and industrial isotope development and manufacture, and Chemical Laboratory Analysis Capability by SEM, Mass Spectrometer and similar equipment, excluding the provision of
the foregoing services for solely standalone power generation facilities fired with combustible fossil fuels, biomass or municipal solid waste or concentrated solar energy through tower based solar thermal conversion systems For the avoidance of
doubt, the foregoing does not include the design, manufacture, installation, supply, sale and supply of hardware, including entire systems, within the SpinCo Core Field (including, without limitation, the systems set forth in SpinCo Core Field 2(k),
2(l), 2(m) and 2(n)) to domestic or foreign agencies or commercial entities. 
 For the avoidance of doubt, the following are not included in the SpinCo
Core Field or the RemainCo Core Field: 
 Design, development, research, engineering, procurement, fabrication, analysis, manufacture, construction,
installation, supply, marketing, sale, lease, rent, commissioning, training, delivery, inspection, testing of, support, operations, inspection, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, repowering/fuel
switching, relocation, localization, or other services, including project management, construction project management or consultation, plant, system or component licensing, siting support or consultation, environmental, safety, health, laboratory
analysis, engineering studies, field engineering services, nondestructive testing, evaluation or analytical services, metallographic analysis, consulting services, troubleshooting, failure analysis, cleaning, upgrading, tooling, or decommissioning
related to the following: 
 (a). Un-fired heat exchangers other than those identified in SpinCo Core Field 2(e) or unfired heat exchangers where the
applicable heat source energy input is derived from the release and/or use of nuclear energy, and support subsystems, equipment and components thereof, including pressure parts, cleaning systems, valves, controls, diagnostics, repair equipment and
services. 
 (b). Production of hydrogen by other high temperature processes. 

(c). Non-nuclear propulsion systems for naval (U.S. and foreign) vessels other than submarines and aircraft carriers, and associated subsystems equipment and
components thereof, including aftermarket, replacement and repair parts, components and equipment for such existing vessels. 
 (d). Non-naval (i.e.,
commercial marine) propulsion systems and associated subsystems, equipment and components thereof, including aftermarket, replacement and repair parts, components and equipment for existing systems. 

 Schedule 1.1(i) 

Specific RemainCo Field; Specific SpinCo Field 

“Specific SpinCo Field” means the design, development, research, engineering, procurement, fabrication, analysis, manufacture, construction,
installation, supply, marketing, sale, lease, rent, commissioning, training, delivery, inspection, testing of, support, operations, inspection, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, repowering/fuel
switching, relocation, localization, or other services, including project management, construction project management or consultation, plant, system or component licensing, siting support or consultation, environmental, safety, health, laboratory
analysis, engineering studies, field engineering services, nondestructive testing, evaluation or analytical services, metallographic analysis, consulting services, troubleshooting, failure analysis, cleaning, upgrading, tooling, or decommissioning,
related to heat exchangers specifically for tower-based solar thermal conversion systems enabled by solar energy and support subsystems, equipment or components thereof, including pressure parts, cleaning systems, valves, controls or diagnostics.

 “Specific RemainCo Field” means the design, development, research, engineering, procurement, fabrication, analysis, manufacture, construction,
installation, supply, marketing, sale, lease, rent, commissioning, training, delivery, inspection, testing of, support, operations, inspection, maintenance, upgrade, repair, refurbishment, rebuilding, replacement, modification, repowering/fuel
switching, relocation, localization, or other services, including project management, construction project management or consultation, plant, system or component licensing, siting support or consultation, environmental, safety, health, laboratory
analysis, engineering studies, field engineering services, nondestructive testing, evaluation or analytical services, metallographic analysis, consulting services, troubleshooting, failure analysis, cleaning, upgrading, tooling, or decommissioning,
related to: 
  

	 	(a).	Nuclear facilities and nuclear reactor plants, nuclear reactor systems, nuclear reactors, including all thermal reactors (including all heavy-water and light-water reactors), all water cooled reactors, all liquid metal
cooled reactors (including sodium cooled reactors), gas cooled reactors (including helium, carbon dioxide and nitrogen) and molten salt reactors, breeder reactors, traveling wave reactors, high temperature reactors, small modular nuclear reactors,
medical isotope reactors and components thereof and all Generation I, Generation II, Generation III and all advanced reactors, including and Generation IV reactors and iterations thereof regardless of design, and hybrid power generation systems and
associated equipment where renewable energy sources are combined with a nuclear primary energy source. 

  

	 	(b).	 Support systems and subsystems, equipment and components of nuclear systems and nuclear reactors, including, reactor coolant systems, reactor
protection, control and instrumentation systems, reactor auxiliary and safety systems, balance of plant systems, reactor vessel closure heads, reactor and other pressure vessels and internals, reactor coolant pumps, stators and motors, reactor fuel
channels, feeders and related components, steam generators, reactor control rod drive mechanisms and other reactor electro-mechanical equipment and controls therefore, specialized tooling and inspection systems,

	 	
heat exchangers, pressurizers, primary and secondary piping, valves and pumps, spent fuel and other nuclear fuel and nuclear material storage and shipping, nuclear waste containers and related
systems, audio/visual systems, steam generator tube inspection systems, repair, modification and stabilization systems, tube plugging and tube removal systems. 

  

	 	(c).	Nuclear fuel and nuclear fuel components, including enrichment and any related components, assembly, nuclear fuel plant processes, manufacturing systems and processes and systems for the chemical processing of
radiological materials, fuel core and fuel bearing precision components, fuel powder, sources, targets, targets for medical isotope production and industrial isotope production, targets for research and analysis in research reactors, graphite
reflectors and control rods, poisons and other special nuclear materials for development and manufacturing of fuel components for pebble bed and other reactors. 

  

	 	(d).	Naval nuclear propulsion systems and associated subsystems, equipment and components thereof, including aftermarket, replacement and repair parts, components and equipment for existing systems. 

 The company agrees to furnish supplementally a copy of any omitted exhibit or schedule to the Commission upon
request.

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