Document:

Form of Change In Control Agreement

 EXHIBIT 10.2 
 CHANGE IN CONTROL AGREEMENT 
 This Change in Control Agreement
(“Agreement”) is by and among The Babcock & Wilcox Company (the “Company”) and E. James Ferland (“Executive”). 
 The Company considers it essential to the interests of the Company’s stockholders to secure the continued employment of key management personnel. The Board of Directors of the Company recognizes that
the possibility of a Change in Control (as defined below) exists and that the uncertainty this raises may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. In order to encourage the
continued attention and dedication of key management personnel, this Agreement is being entered into by the Company and Executive. 
 The Company and Executive agree as follows: 
  

	1.	DEFINITIONS: Capitalized terms are defined in Exhibit A. 

 

	2.	SEVERANCE BENEFITS: If Executive experiences a Covered Termination he will be entitled to the following
benefits; provided that the benefits described in Sections 2(b), (c), (d), (e) and (f) shall only be payable if the Executive executes a waiver and release prepared by the Company that is no longer subject to rescission within 60 days of
the Covered Termination Date which releases the Company and its affiliates, directors, officers and other customary persons from any claim or liability arising out of or related to Executive’s employment with or termination of employment from
the Company or any of its affiliates (except for amounts to which Executive is legally entitled pursuant to employee benefit plans, Executive’s right to enforce this Agreement and rights to insurance coverage or indemnification).

  

	 	(a)	Accrued Benefits. The Accrued Benefits, payable within sixty (60) days after the Covered Termination Date, or such earlier time as may be required by
applicable law. 

  

	 	(b)	SERP. As of the Covered Termination Date, a fully vested and non-forfeitable interest in Executive’s account balance in SERP, payable in accordance
with the terms of SERP. 

  

	 	(c)	 Unvested Equity Awards. As of the Covered Termination Date, unless otherwise settled in accordance with the provisions of Section 4
of this Agreement and the plans and agreements referred to therein, a fully vested and non-forfeitable interest in any outstanding unvested equity awards, and to the extent applicable, payable within the 60th day after the Covered Termination Date; provided that no such award
that is subject to Code Section 409A will be paid on a date earlier than is provided in the applicable equity award agreement; provided further that that any performance shares shall be paid out at the target rate, prorated on the basis of the
number of days of the Executive’s participation during the applicable performance period to which the performance shares related divided by the aggregate number of days in such performance period, taking into account service rendered through
the payment date. 

	 	(d)	Severance Payment Based on Salary. An amount equal to 2.99 times the sum of (i) Salary and (ii) Executive’s target award under the EICP for
the year in which the Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered Termination Date. 

  

	 	(e)	Severance Payment Based on Bonus. 

  

	 	(1)	Current Performance Year. An amount equal to the product of (A) the Salary and (B) the Target Bonus Percentage, with the product of
(A) and (B) prorated based on the number of days Executive was employed during the bonus year in which Executive’s Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered Termination Date.

  

	 	(2)	Prior Performance Year. If a bonus for the prior calendar year has not been paid under EICP as of the Executive’s Covered Termination Date, then
Executive will be entitled to the actual amount of the bonus determined under the EICP for such prior calendar year (such amount to be determined without the exercise of any downward discretion), in a lump sum in cash at the same time such bonus is
paid to other EICP participants. 

  

	 	(f)	Health Care Benefits. An amount equal to three (3) times the full annual cost of coverage for medical, dental and vision benefits under the
Company’s Health Care Plan and Vision Insurance Plan provided to Executive and his covered dependents for the year in which Executive’s Covered Termination Date occurs, in a lump sum in cash within sixty (60) days after the Covered
Termination Date. 

 In no event shall the benefits provided for in Sections 2(a), (d), (e) and
(f) above or any payment provided for in (c) above that is not subject to Code Section 409A be paid later than March 15th of the calendar year immediately following the calendar year in which the Executive’s Covered
Termination Date occurs. 
  

	3.	
LIMITATION ON PAYMENTS AND BENEFITS: Notwithstanding any provision of this
Agreement to the contrary, if any amount or benefit to be paid or provided under this Agreement would be an “Excess Parachute Payment,” within the meaning of Section 280G of the Code, or any successor provision thereto, but for the
application of this sentence, then the payments and benefits identified in the last sentence of this Section 3 to be paid or provided under this Agreement will be reduced to the minimum extent necessary (but in no event to less than zero) so
that no portion of any such payment or benefit, as so reduced, constitutes an Excess Parachute Payment; provided, however, that no such reduction shall be made if it is not thereby possible to eliminate all Excess Parachute Payments under this
Agreement; provided, however, that the foregoing reduction will be made only if and to the extent that such reduction would result in an 

  
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increase in the aggregate payment and benefits to be provided, determined on an after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the Code, or any
successor provision thereto, any tax imposed by any comparable provision of state law, and any applicable federal, state and local income and employment taxes). Whether requested by Executive or the Company, the determination of whether any
reduction in such payments or benefits to be provided under this Agreement or otherwise is required pursuant to the preceding sentence will be made at the expense of the Company by the Company’s independent accountants. The fact that
Executive’s right to payments or benefits may be reduced by reason of the limitations contained in this Section 3 will not of itself limit or otherwise affect any other rights of the Executive other than pursuant to this Agreement. In the
event that any payment or benefit intended to be provided under this Agreement or otherwise is required to be reduced pursuant to this Section 3, the Company will reduce the Executive’s payment and/or benefits, to the extent required, in
the following order: (i) the lump sum payment provided under Section 2(d); (ii) the lump sum payment provided under Section 2(e)(1); (iii) the lump sum payment related to Health Care Benefits provided under
Section 2(f); and (iv) the accelerated vesting of equity-based awards described in Section 2(c). 
  

	4.	CHANGE IN CONTROL EQUITY-BASED BENEFITS: If a Change in Control
occurs, any benefits Executive may be entitled to with respect to any equity-based compensation shall be determined in accordance with the applicable plans and award agreements. In the event of any conflict between the terms of any such plans or
award agreement and Section 2(c) of this Agreement, the terms of such plan or award agreement shall control. 

  

	5.	INTERNAL REVENUE CODE 409A: 

 

	 	(a)	Compliance. It is the intent of the parties that the provisions of this Agreement either comply with Code Section 409A and the Treasury regulations
and guidance issued thereunder or that one or more elements of compensation or benefits be exempt from Code Section 409A. Accordingly, the parties intend that this Agreement be interpreted and operated in a manner consistent with such
requirements in order to avoid the application of penalty taxes under Code Section 409A to the extent reasonably practicable. The Company shall neither cause nor permit: (i) any payment, benefit or consideration to be substituted for a
benefit that is payable under this Agreement if such action would result in the failure of any amount that is subject to Code Section 409A to comply with the applicable requirements of Code Section 409A; or (ii) any adjustments to any
equity interest to be made in a manner that would result in the equity interest’s becoming subject to Code Section 409A unless, after such adjustment, the equity interest is in compliance with the requirements of Code Section 409A to
the extent applicable. A Covered Termination is an “involuntary separation from service” for purposes of Code Section 409A. 

  

	 	(b)	 Waiting Period for Specified Employees. Notwithstanding any provision of this Agreement to the contrary, if Executive is a
“Specified Employee” (as that term is defined in Code Section 409A) as of Executive’s Covered Termination Date, then any amounts or benefits which are payable under this Agreement upon

  
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Executive’s “Separation from Service” (within the meaning of Code Section 409A), which are subject to the provisions of Code Section 409A and not otherwise excluded under
Code Section 409A, and would otherwise be payable during the first six-month period following such Separation from Service, shall be paid on the first business day that (i) is at least six months after the date after Executive’s
Covered Termination Date or (ii) follows Executive’s date of death, if earlier (the “Waiting Period”). The benefits in Sections 2(a), (d), (e) and (f) and certain of the benefits in Section 2(c) are excluded from
Code Section 409A under the “short-term deferral exclusion” and thus the Waiting Period does not apply such benefits. 

  

	6.	CONFIDENTIALITY AND NON-DISCLOSURE: Executive acknowledges that pursuant to this
Agreement, the Company agrees to provide to him Confidential Information and has previously provided him other such Confidential Information. In return for this and other consideration, provided under this Agreement, Executive agrees that he will
not, while employed by the Company or any Affiliate and thereafter, disclose or make available to any other person or entity, or use for his own personal gain, any Confidential Information, except for such disclosures as required in the performance
of his duties hereunder as may otherwise be required by law or legal process (in which case Executive shall notify the Company of such legal or judicial proceeding as soon as practicable following his receipt of notice of such a proceeding, and
permit the Company to seek to protect its interests and information). 

  

	7.	RETURN OF PROPERTY: Executive agrees that at the time of leaving his or her employ with the
Company or an Affiliate, he will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone else) all Confidential Information as well as all other devices, records, data, notes, reports, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, or any other documents or property (including all reproductions of the aforementioned items) belonging to the Company or
any of its Affiliates, regardless of whether such items were prepared by Executive. 

  

	8.	NON-SOLICITATION AND NON-COMPETITION: 

 

	 	(a)	For consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding
the Company and its respective businesses, Executive agrees that while employed by the Company or an Affiliate and for twenty-four (24) months following a Covered Termination he shall not, without the prior written consent of the Company,
directly or indirectly, (i) hire or induce, entice or solicit (or attempt to induce, entice or solicit) any employee of the Company or any of its Affiliates or ventures to leave the employment of the Company or any of its Affiliates or ventures
or (ii) solicit or attempt to solicit the business of any customer or acquisition prospect of the Company or any of its Affiliates or ventures with whom Executive had any actual contact while employed by the Company or an Affiliate.

  
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	 	(b)	Additionally, for consideration provided under this Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential
Information regarding the Company and its respective businesses, Executive agrees that while employed by the Company or an Affiliate and for twenty-four (24) following a Covered Termination he will not, without the prior written consent of the
Company, acting alone or in conjunction with others, either directly or indirectly, engage in any business that is in competition with the Company or an Affiliate or accept employment with or render services at a comparable level of responsibility
to such a business as an officer, agent, employee, independent contractor or consultant, or otherwise engage in activities that are in competition with the Company or an Affiliate. 

 

	 	(c)	The restrictions contained in this Section 8 are limited to a 50-mile radius around any geographical area in which the Company or an Affiliate engages (or has
definite plans to engage) in operations or the marketing of its products or services at the time of a Covered Termination. 

  

	 	(d)	Executive acknowledges that these restrictive covenants under this Agreement, for which Executive received valuable consideration from the Company as provided in this
Agreement, including, but not limited to the Company’s agreement to provide Executive with Confidential Information regarding the Company and its respective businesses, are ancillary to otherwise enforceable provisions of this Agreement, that
the consideration provided by the Company gives rise to the interest of each of the Company in restraining Executive from competing and that the restrictive covenants are designed to enforce Executive’s consideration or return promises under
this Agreement. Additionally, Executive acknowledges that these restrictive covenants contain limitations as to time, geographical area, and scope of activity to be restrained that are reasonable and do not impose a greater restraint than is
necessary to protect the goodwill or other legitimate business interests of the Company, including, but not limited to, the Company’s need to protect its Confidential Information. 

 

	9.	NOTICES: For purposes of this Agreement, notices and all other communications must be in writing and will be deemed to have
been given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

 

					
	If to Company:	 		 	 The Babcock & Wilcox Company
 13024 Ballantyne Corporate Place, Ste. 700
 Charlotte, NC 28277

ATTENTION: SVP, Human Resources

			
	If to Executive:	 		 	 
			
		 		 	 
			
		 		 	 

 or to such other address as either party may furnish to the other in writing in accordance with this
Section. 

  
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	10.	APPLICABLE LAW: The validity, interpretation, construction and performance of this Agreement will be governed
by and construed in accordance with the substantive laws of the State of Delaware, but without giving effect to the principles of conflict of laws of such State. 

 

	11.	SEVERABILITY: If any provision of this Agreement is determined to be invalid or unenforceable, then the invalidity or
unenforceability of that provision will not affect the validity or enforceability of any other provision of this Agreement and all other provisions will remain in full force and effect. 

 

	12.	WITHHOLDING OF TAXES: The Company may withhold from any payments under this Agreement all
federal, state, local or other taxes as may be required pursuant to any law or governmental regulation or ruling. 

  

	13.	NO ASSIGNMENT; SUCCESSORS: Executive’s right to receive payments or benefits under this
Agreement will not be assignable or transferable, whether by pledge, creation of a security interest or otherwise, whether voluntary, involuntary, by operation of law or otherwise, other than a transfer by will or by the laws of descent or
distribution, and in the event of any attempted assignment or transfer contrary to this Section 13 the Company will have no liability to pay any amount so attempted to be assigned or transferred. This Agreement inures to the benefit of and is
enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 

 This Agreement is binding upon and inures to the benefit of the Company and its successors and assigns (including, without limitation, any company into or with which the Company may merge or consolidate).

  

	14.	NUMBER AND GENDER: Wherever appropriate herein, words used in the singular will include the
plural, the plural will include the singular, and the masculine gender will include the feminine gender. 

  

	15.	CONFLICTS: This Agreement constitutes the entire understanding of the parties with respect to its subject matter and
supersedes any other agreement or other understanding, whether oral or written, express or implied, between them concerning, related to or otherwise in connection with, the subject matter hereof. 

 

	16.	AMENDMENT AND WAIVER: No provision of this Agreement may be modified, waived or discharged
unless such waiver, modification or discharge is agreed to in writing and signed by the Executive and such officer as may be specifically designated by the Board. No waiver by any party hereto at any time of any breach by the other party hereto of,
or of any lack of compliance with, any condition or provision of this Agreement to be performed by any other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

  
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	17.	COUNTERPARTS: This Agreement may be executed in several counterparts, each of which will be deemed to be an original but all
of which together will constitute one and the same instrument. 

  

	18.	TERM: The effective date of this Agreement shall commence on
            , 2012 (“Effective Date”) and shall end on the earlier of (a) the date one year after a Change in Control occurs, or (b) the date on which Executive’s
employment is terminated under circumstances that do not constitute a Covered Termination; provided that terms of this Agreement which must survive the termination this Agreement in order to be effectuated (including the provisions of Sections 6, 7
and 8) will survive. 

  
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 THE BABCOCK & WILCOX COMPANY 
 By:
                                         
                            
 Name:
                                         
                       
 Title:
                                         
                         
 EXECUTIVE 
 By:
                                         
                            
 Name: E. James Ferland 

  
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 EXHIBIT A 
 DEFINITIONS 
 The following terms have the meanings set forth below.

 “Accrued Benefits” shall mean: 
  

	 	i	Any portion of Executive’s Salary earned through the Covered Termination Date and not yet paid; 

 

	 	ii	Reimbursement for any and all amounts advanced in connection with Executive’s employment for reasonable and necessary expenses incurred by Executive through the
Covered Termination Date in accordance with the Company’s policies and procedures on reimbursement of expenses; 

  

	 	iii	Any earned vacation pay not theretofore used or paid in accordance with the Company’s policy for payment of earned and unused vacation time; and

  

	 	iv	All other payments and benefits to which Executive may be entitled under the terms of any applicable compensation arrangement or benefit plan or program of the Company
that do not specify the time of distribution; provided that Accrued Benefits shall not include any entitlement to severance under any severance policy of the Company generally applicable to the salaried employees of the Company.

 “Affiliate” means an Affiliate of the Company within the meaning of Rule 12b-2 promulgated under
Section 12 of the Exchange Act. 
 “Board” means the Board of Directors of the Company. 

“Cause” means 
  

	 	(i)	the willful and continued failure of Executive to perform substantially Executive’s duties with the Company or an Affiliate (occasioned by reason other than
physical or mental illness or disability of Executive) after a written demand for substantial performance is delivered to Executive by the Compensation Committee of the Board or the Chief Executive Officer of the Company which specifically
identifies the manner in which the Compensation Committee of the Board or the Chief Executive Officer believes that Executive has not substantially performed his duties, after which Executive shall have thirty days to defend or remedy such failure
to substantially perform his duties; 

  

	 	(ii)	the willful engaging by Executive in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or 

 

	 	(iii)	the conviction of Executive with no further possibility of appeal for, or plea of guilty or nolo contendere by Executive to, any felony. 

  
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 The cessation of employment of Executive under subparagraph (i) and (ii) above
shall not be deemed to be for “Cause” unless and until there shall have been delivered to Executive a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters (3/4) of the entire membership of the
Compensation Committee of the Board of Directors of the Company at a meeting of such Committee called and held for such purpose (after reasonable notice is provided to Executive and he is given an opportunity, together with his counsel, to be heard
before such Committee), finding that, in the good faith opinion of such Committee, Executive is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 

A “Change in Control” will be deemed to have occurred upon the occurrence of any of the following: 

 

	 	(a)	30% Ownership Change: Any Person, other than an ERISA-regulated pension plan established by the Company or an Affiliate, makes an acquisition of
Outstanding Voting Stock and is, immediately thereafter, the beneficial owner of 30% or more of the then Outstanding Voting Stock, unless such acquisition is made directly from the Company in a transaction approved by a majority of the Incumbent
Directors; or any group is formed that is the beneficial owner of 30% or more of the Outstanding Voting Stock (other than a group formation for the purpose of making an acquisition directly from the Company and approved (prior to such group
formation) by a majority of the Incumbent Directors); or 

  

	 	(b)	Board Majority Change: Individuals who are Incumbent Directors cease for any reason to constitute a majority of the members of the Board; or

  

	 	(c)	 Major Mergers and Acquisitions: Consummation of a Business Combination unless, immediately following such Business Combination,
(i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Voting Stock immediately before such Business Combination beneficially own, directly or indirectly, more than 51% of the then
outstanding shares of voting stock of the parent corporation resulting from such Business Combination in substantially the same relative proportions as their ownership, immediately before such Business Combination, of the Outstanding Voting Stock,
(ii) if the Business Combination involves the issuance or payment by the Company of consideration to another entity or its shareholders, the total fair market value of such consideration plus the principal amount of the consolidated long-term
debt of the entity or business being acquired (in each case, determined as of the date of consummation of such Business Combination by a majority of the Incumbent Directors) does not exceed 50% of the sum of the fair market value of the Outstanding
Voting Stock plus the principal amount of the Company’s consolidated long-term debt (in each case, determined immediately before such consummation by a majority of the Incumbent Directors), (iii) no Person (other than any corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of voting stock of the parent corporation resulting from such Business Combination and

  
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(iv) a majority of the members of the board of directors of the parent corporation resulting from such Business Combination were Incumbent Directors of the Company immediately before
consummation of such Business Combination; or 
  

	 	(d)	Major Asset Dispositions: Consummation of a Major Asset Disposition unless, immediately following such Major Asset Disposition, (i) individuals and
entities that were beneficial owners of the Outstanding Voting Stock immediately before such Major Asset Disposition beneficially own, directly or indirectly, more than 70% of the then outstanding shares of voting stock of the Company (if it
continues to exist) and of the entity that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) and (ii) a majority of the members of the Board (if it
continues to exist) and of the entity that acquires the largest portion of such assets (or the entity, if any, that owns a majority of the outstanding voting stock of such acquiring entity) were Incumbent Directors of the Company immediately before
consummation of such Major Asset Disposition. 

 For purposes of the definition of a “Change in Control”, 

 

	 	(1)	“Person” means an individual, entity or group; 

  

	 	(2)	“group” is used as it is defined for purposes of Section 13(d)(3) of the Exchange Act; 

 

	 	(3)	“beneficial owner” is used as it is defined for purposes of Rule 13d-3 under the Exchange Act; 

 

	 	(4)	“Outstanding Voting Stock” means outstanding voting securities of the Company entitled to vote generally in the election of directors; and any
specified percentage or portion of the Outstanding Voting Stock (or of other voting stock) is determined based on the combined voting power of such securities; 

 

	 	(5)	“Incumbent Director” means a director of the Company (x) who was a director of the Company on the effective date of this Agreement or (y) who
becomes a director after such date and whose election, or nomination for election by the Company’s shareholders, was approved by a vote of a majority of the Incumbent Directors at the time of such election or nomination, except that any such
director will not be deemed an Incumbent Director if his or her initial assumption of office occurs as a result of an actual or threatened election contest or other actual or threatened solicitation of proxies by or on behalf of a Person other than
the Board; 

  

	 	(6)	“election contest” is used as it is defined for purposes of Rule 14a-11 under the Exchange Act; 

 

	 	(7)	“Business Combination” means 

  
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	 	(x)	a merger or consolidation involving the Company or its stock or 

  

	 	(y)	an acquisition by the Company, directly or through one or more subsidiaries, of another entity or its stock or assets; 

 

	 	(8)	“parent corporation resulting from a Business Combination” means the Company if its stock is not acquired or converted in the Business Combination and
otherwise means the entity which as a result of such Business Combination owns the Company or all or substantially all the Company’s assets either directly or through one or more subsidiaries; and 

 

	 	(9)	“Major Asset Disposition” means the sale or other disposition in one transaction or a series of related transactions of 70% or more of the assets of
the Company and its subsidiaries on a consolidated basis; and any specified percentage or portion of the assets of the Company will be based on fair market value, as determined by a majority of the Incumbent Directors. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means The Babcock & Wilcox Company, and, except for purposes of determining whether a Change in
Control has occurred, any successor thereto. 
 “Confidential Information” means any and all information, data
and knowledge that has been created, discovered, developed or otherwise become known to the Company or any of its Affiliates or in which property rights have been assigned or otherwise conveyed to the Company or any of its Affiliates, which
information, data or knowledge has commercial value in the business in which the Company or any of its Affiliates or ventures is engaged, except such information, data or knowledge as is or becomes known to the public without violation of the terms
of this Agreement. By way of illustration, but not limitation, Confidential Information includes business trade secrets, secrets concerning the Company’s or any of its Affiliate’s plans and strategies, nonpublic information concerning
material market opportunities, technical trade secrets, processes, formulas, know-how, improvements, discoveries, developments, designs, inventions, techniques, marketing plans, manuals, records of research, reports, memoranda, computer software,
strategies, forecasts, new products, unpublished financial information, projections, licenses, prices, costs, and employee, customer and supplier lists. 
 “Covered Termination” means a termination of Executive’s employment (such that Executive ceases to be employed by the Company or an Affiliate) that is a “Separation from
Service” (as defined in Code Section 409A and the Treasury regulations and guidance issued thereunder) within the 1-year period following a Change in Control during the term of this Agreement due to: 

 

	 	(a)	an involuntary termination that does not result from any of the following: 

 

	 	(1)	death; 

  

	 	(2)	Disability; or 

  

	 	(3)	termination for Cause; or 

  

	 	(b)	a termination by Executive for Good Reason. 

  
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 “Covered Termination Date” means (i) if Executive’s employment is
terminated for Cause, the date on which the Company delivers to Executive the requisite resolution, or, with respect to a termination under subparagraph (iii) of the definition of Cause, the date on which the Company notifies Executive of such
termination, (ii) if Executive’s employment is terminated by the Company for a reason other than Cause or Executive’s death, the date on which the Company notifies Executive of such termination, (iii) if executive’s
employment is terminated by Executive for Good Reason, the date on which Executive notifies the Company of such termination (after having given the Company notice and a thirty-day cure period), or (iv) if Executive’s employment is
terminated by reason of death, the date of death of Executive. 
 “Disability” means circumstances which would
qualify Executive for long term disability benefits under the Company’s Long Term Disability Plan, whether or not Executive is covered under such plan. 
 “EICP” means The Babcock & Wilcox Company Executive Incentive Compensation Plan, or any successor plan thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Good Reason” means any one or more of the following events which occurs following a Change in Control: 

 

	 	(a)	a material diminution in the duties or responsibilities of Executive from those applicable immediately before the date on which a Change in Control occurs;

  

	 	(b)	a material reduction in Executive’s annual Salary as in effect on the Effective Date of this Agreement or as the same may be increased from time to time;

  

	 	(c)	the failure by the Company to continue in effect any compensation plan in which Executive participates immediately before the Change in Control which is material to
Executive’s total compensation, unless a comparable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to such plan, or the failure by the Company to continue Executive’s participation therein
(or in such substitute or alternative plan) on a basis not materially less favorable than existed immediately before the Change in Control, unless the action by the Company applies to all similarly situated employees; 

 

	 	(d)	 the failure by the Company to continue to provide Executive with material benefits in the aggregate that are substantially similar to those enjoyed by
Executive under any of the Company’s (or its Affiliates’) pension, savings, life insurance, medical, health and accident, or disability plans in which Executive was participating immediately before the Change in Control if such benefits
are 

  
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material to Executive’s total compensation, the taking of any other action by the Company which would directly or indirectly materially reduce any of such benefits or deprive Executive of
any fringe benefit enjoyed by Executive at the time of the Change in Control if such fringe benefit is material to Executive’s total compensation, unless the action by the Company applies to all similarly situated employees; or

  

	 	(e)	a change in the location of Executive’s principal place of employment with the Company by more than 50 miles from the location where Executive was principally
employed immediately before the Change in Control without the Executive’s consent. 

 If a Change in Control occurs and any
of the events described above occurs prior to the first anniversary of such Change in Control (an “Event”), Executive shall give the Company written notice (the “Executive Notice”) within 60 days following Executive’s
knowledge of an Event that Executive intends to terminate employment as a result. The Company shall have thirty days following receipt of the Executive Notice in which to cure the Event. If the Company does not take such action within that time, the
Event shall constitute Good Reason. If Executive does not provide the Executive Notice within 60 days as required above then the Event shall not constitute Good Reason, and thereafter, for purposes of determining whether Executive has Good Reason,
Executive’s terms and conditions of employment after the occurrence of the Event shall be substituted for those terms and conditions of Executive’s employment in effect immediately prior to the date of this Agreement. 

“Salary” means Executive’s annual base salary as in effect immediately before the termination of Executive’s
employment or, if higher, the base salary in effect immediately before the first event or circumstance constituting Good Reason. 
 “SERP” means The Babcock & Wilcox Company Supplemental Executive Retirement Plan, as in effect on the Covered Termination Date. 

“Target Bonus Percentage” means Executive’s target incentive award opportunity under the EICP in effect immediately
before the termination of Executive’s employment or, if higher, immediately before the first event or circumstance constituting Good Reason. 

  
 - 14 -Separation Agreement between Belden Inc. and Naresh Kumra

 Exhibit 10.1 

 

					
	

	 	7733 Forsyth Blvd., Suite 800	 	Phone: 314.854-8000
	 	St. Louis, MO 63105	 	Fax: 314/854-8001
	 		 	  
 www.Belden.com

 March 28, 2012 
 Mr. Naresh Kumra 
 House 62, Cedar Drive, 

The Redhill Peninsula, 
 18 Pak Pat Shan Road,

 Tai Tam, Hong Kong 
 Re: Separation
Agreement 
 Dear Naresh: 
 As we
discussed, this agreement (“Agreement”) confirms the termination of your employment with Belden Inc., as Executive Vice President, Asia-Pacific Operations (the “Company”), and your employment with any of the Company’s
subsidiaries, effective on March 31, 2012 (the “Separation Date”). 
 This letter also confirms all of your entitlements arising
out of your employment with and separation from the Company and its subsidiaries pursuant to: 
  

	 	•	 	 Your Executive Employment Agreement of March 12, 2010 (“Employment Agreement”); and 

	 	•	 	 Your letter of relocation of August 18, 2011 (“Relocation Letter Agreement”). 

You acknowledge the termination of your Letter of Employment of April 1, 2010. 

 

	I.	EMPLOYMENT AGREEMENT 

 Section 8(c)
of your Employment Agreement lists the Company’s responsibilities in connection with your leaving the Company. You will receive: 
  

					
	1.	  	All Accrued Obligations—accrued and unpaid Base Salary and Additional Benefits (under Section 6 of the Agreement) through the Separation Date and any unused vacation time and
unreimbursed expenses, both payable in accordance with Company policy. Additional Benefits are described under Section 6(d) of your Employment Agreement; payment of and reimbursement for these will end on the Separation Date. You must vacate your
leased residence within a reasonable period after the Separation Date (no later than 10 days), as per schedule coordinated with Belden’s relocation contractor (Santa Fe). Subject to Section III below, your use of all Company-provided vehicles
will end on the Separation Date.	  	T-B-D in April 2012

					
	2.	  	A severance payment equal to one times the sum of your current annual base salary and your 2012 target annual cash incentive award. Your target bonus was computed using your salary
at January 1, 2012 (USD 372,963) X 70% (your ACIP percentage) X a financial factor of 1.0 X a personal performance factor of 1.0. You will receive this amount in equal semi-monthly payroll installments over a twelve (12) month period commencing
on April 1, 2012	  	USD 634,037
			
	3.	  	If payable, a pro rata 2012 annual cash incentive award based on actual performance, payable in accordance with the terms of our ACIP and as determined by the Compensation
Committee in February 2013. This amount will be the product of (your actual 2012 ACIP award) X (the number of days employed in 2012 prior to your Separation Date over 365 days).	  	T-B-D in February 2013
			
	4.	  	Subject to your continued co-payment of premiums, continued participation for twelve (12) months in the Company’s medical benefits plan which covers you and your eligible
dependents upon the same terms and conditions (except for the requirement of your continued employment) in effect for active employees of the Company. If you obtain other employment that offers substantially similar or more favorable medical
benefits, continuation of such coverage by the Company will end. These health benefits will reduce the period of coverage (and count against your right to healthcare continuation benefits under COBRA or any similar provision under applicable law) by
twelve (12) months.	  	
			
	5.	  	Any disability insurance benefits or life insurance proceeds, as provided under Company plans in which you participated prior to leaving the Company.	  	T-B-D
			
	6.	  	Any accrued, vested and unpaid benefits under all retirement, pension and deferred compensation plans of the Company in which you are participating on the Separation Date. All such
benefits shall be paid in accordance with the terms of the applicable plans and, where applicable, your previous elections. You are not eligible for retirement plan contributions with respect to payments made under sections 1, 2, 3, 4, or 5
above.	  	T-B-D

  
 2 

 You will have the right to exercise all vested SARs for ninety days following your Separation Date. All
other stock options, RSUs, SARs and other incentive awards (whether or not equity-based) shall terminate, and all such awards (including your unvested SARs and RSUs) shall not be exercisable, as of the Separation Date. Please note that the award
agreements evidencing your SAR and RSU grants do not provide for accelerated vesting of any such award and permit the exercise of vested SARs at the date of your termination for a ninety-day period. 

The Company will, to the extent required by applicable law, withhold from the amounts payable above, the amount of any withholding tax due with respect
to such amounts. 
 Subject to Section III below, you agree to promptly return to the Company all tangible property of the Company (including
all computers, IPads, IPhones, cell phones and any other Company-issued portable devices) and intangible property of the Company, whether prepared by you or otherwise coming into your possession, and whether written, electronic or in any other
format, including, without limitation, all files, records, documents, customer lists, software and equipment (such as disks and disk drives). The tangible and intangible property described in the preceding sentence is collectively referred to as
“Company Property”. 
 Payment of the amounts and benefits described above will be contingent on your returning to us by the
Separation Date: 
  

	 	•	 	 All Company Property; 

  

	 	•	 	 The signed General Release of All Claims included as Attachment 1 to this Agreement (it being understood that the revocation period(s) described
in such release must have expired); and 

  

	 	•	 	 The signed resignation letter included as Attachment 2 to this Agreement, providing for your resignation as an officer of the Company and any
office or directorship of any subsidiary of the Company held by you. 

 You confirm that you will comply with the
non-competition and non-solicitation covenants of your Employment Agreement (which are included as Attachment 3 to this Agreement) and that we will have the right to withhold all amounts and benefits provided to you under this Agreement
(unless prohibited by applicable law) should you violate either covenant while they are in effect. 
 II. RELOCATION LETTER AGREEMENT

 In accordance with the “Tax Equalization Policy” section of your Relocation Letter Agreement, KPMG, the Company’s tax
advisor, will calculate the “hypothetical tax” and will compare to the actual tax that was paid on your total compensation for every country you are required to pay tax. You acknowledge that you will pay (or will reimburse the Company for
paying on your behalf) the taxes on your total compensation for the applicable jurisdiction up to the amount of the hypothetical tax. You also authorize the Company to withhold any amount or benefit you are entitled to receive under this Agreement
(except where prohibited by applicable law) for any unpaid tax you are required to pay pursuant to the Relocation Letter Agreement. For clarity, it is understood that the tax equalization policy will apply only to any accrued obligation payable up
through the Separation Date. 

  
 3 

 Also, in accordance with the “Repatriation” section of your Relocation Letter Agreement, we will
pay all reasonable expenses associated with relocating you and your family and your household goods to India or the U.S., as you may chose, provided your relocation occurs within ninety days after the Separation Date. 

Finally, you acknowledge the application of the following “Termination Indemnities” Section of your Relocation Letter Agreement: 

“Termination Indemnities: Some foreign governments provide you special severance pay or termination indemnities. Since you are
already subject to a broad range of benefits through Belden, if such special termination payments are mandated by the foreign country, you will reimburse Belden for the full amount of any such special termination payments upon your return to India.
The benefits of any applicable Belden severance pay policies may be withheld from you until you reimburse Belden for such special termination payments. Your signature below constitutes your agreement to these terms.” 

We ask that you sign this letter below confirming your understanding above. This letter may be executed in one or more counterparts, each of which shall
constitute an original for all purposes, and all of which taken together shall constitute one and the same agreement. 
 III. PURCHASED
COMPANY PROPERTY 
 Provided you fulfill your obligations under this Agreement (including your obligation to provide a signed Attachment 1
and Attachment 2), the Company will sell to you “as-is/where-is” without any express or implied warranty (EXPRESSLY DISCLAIMING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR FITNESS FOR INTENDED PURPOSE) the Company Property listed on
Attachment 4 for the payment amount also listed on Attachment 4. Transfer of such property (including the transfer of title to any automobile listed on Attachment 4) will occur upon the Company receiving the agreed payment
amount. Both parties agree that the payment amount as mutually agreed represents “Fair Market Value” for the goods listed in Appendix 4. 
  

					
		  	BELDEN INC.
			
	 /s/ Naresh Kumra
	  	By:	 	 /s/ Kevin L. Bloomfield

	Naresh Kumra	  	Name:	 	Kevin L. Bloomfield
		  	Title:	 	Senior VP, Secretary and General Counsel

  
 4 

 ATTACHMENT 1 
 GENERAL RELEASE OF ALL CLAIMS 
 1. For and in consideration of the promises
made in the Executive Employment Agreement (defined below), the adequacy of which is hereby acknowledged, the undersigned (“Executive”), for himself, his heirs, administrators, legal representatives, executors, successors, assigns,
and all other persons claiming through Executive, if any (collectively, “Releasers”), does hereby release, waive, and forever discharge Belden Inc. (“Company”), the Company’s subsidiaries, parents, affiliates,
related organizations, employees, officers, directors, attorneys, successors, and assigns (collectively, the “Releasees”) from, and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions,
charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which
heretofore has been or which hereafter may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to Executive’s employment with the Company or any of its affiliates or the
termination of Executive’s employment. The foregoing release and discharge, waiver and covenant not to sue includes, but is not limited to, all claims and any obligations or causes of action arising from such claims, under common law including
wrongful or retaliatory discharge, breach of contract (including but not limited to any claims under the Employment Agreement between the Company and Executive, effective as of February 23, 2010 (the “Employment Agreement”) and
any claims under any stock option and restricted stock units agreements between Executive and the Company) and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any
federal, state or local statute including Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the National Labor Relations Act, the Age Discrimination in Employment Act (ADEA), the Fair Labor
Standards Act, the Americans with Disabilities Act of 1990, the Rehabilitation Act of 1973, the Missouri Human Rights Act (R.S. MO Section 213.010 et seq.), or the discrimination or employment laws of any country, state or municipality,
or any claims under any express or implied contract which Releasers may claim existed with Releasees. This release and waiver does not apply to any claims or rights that may arise after the date Executive signs this General Release. The foregoing
release does not apply to any claims of indemnification under the Employment Agreement or a separate indemnification agreement with the Company or rights of coverage under directors and officers’ liability insurance. 

2. Excluded from this release and waiver are any claims which cannot be waived by law, including but not limited to the right to
participate in an investigation conducted by certain government agencies. Executive does, however, waive Executive’s right to any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on
Executive’s behalf. Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government agency or any court. 

  
 5 

 3. Executive agrees never to sue Releasees in any forum for any claim covered by the above
waiver and release language, except that Executive may bring a claim under the ADEA to challenge this General Release or as otherwise provided in this General Release. If Executive violates this General Release by suing Releasees, other than under
the ADEA or as otherwise set forth in Section 1 hereof, Executive shall be liable to the Company for its reasonable attorneys’ fees and other litigation costs incurred in defending against such a suit. Nothing in this General Release is
intended to reflect any party’s belief that Executive’s waiver of claims under ADEA is invalid or unenforceable, it being the interest of the parties that such claims are waived. 

4. Executive acknowledges, agrees and affirms that he is subject to certain post-employment covenants pursuant to Section 12 of the
Employment Agreement, which covenants survive the termination of his employment and the execution of this General Release. 
 5.
Executive acknowledges and recites that: 
 (a) Executive has executed this General Release knowingly and voluntarily;

 (b) Executive has read and understands this General Release in its entirety; 

(c) Executive has been advised and directed orally and in writing (and this subparagraph (c) constitutes such written direction) to
seek legal counsel and any other advice he wishes with respect to the terms of this General Release before executing it; 
 (d)
Executive’s execution of this General Release has not been coerced by any employee or agent of the Company; and 
 (e)
Executive has been offered twenty-one (21) calendar days after receipt of this General Release to consider its terms before executing it. 
 6. This General Release shall be governed by the internal laws (and not the choice of laws) of the State of Delaware, except for the application of pre-emptive Federal law. 

7. Executive shall have seven (7) days from the date hereof to revoke this General Release by providing written notice of the
revocation to the Company, as provided in Section 14 of the Employment Agreement, upon which revocation this General Release shall be unenforceable and null and void and in the absence of such revocation this General Release shall be binding
and irrevocable by Executive. 
 PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

 

							
		 		 	
	Date: March 31, 2012	 		 	EXECUTIVE:
			
		 		 	/s/ Naresh Kumra
		 		 	Naresh Kumra

  
 6 

 ATTACHMENT 2 

 

					
	 

	  	7733 Forsyth Blvd., Suite 800	  	Phone: 314.854-8000
	  	St. Louis, MO 63105	  	Fax: 314/854-8001
	  		  	www.Belden.com

 March 28, 2012 
 Mr. John S. Stroup 
 Chief Executive Officer 

Belden Inc. 
 7733 Forsyth Boulevard, Suite 800

 St. Louis, MO 63105 
 Dear John:

 Effective March 31, 2012, I resign as an officer of Belden Inc. (“Belden”) and as officer and director of the following
subsidiaries of Belden: 
  

	 	•	 	 BELDEN ASIA (THAILAND) COMPANY LIMITED 

  

	 	•	 	 BELDEN HIRSCHMANN NETWORKING SYSTEM TRADING (SHANGHAI) CO. LTD. 

 

	 	•	 	 BELDEN SINGAPORE PRIVATE LIMITED 

  

	 	•	 	 LTK CABLE (HUIZHOU) LIMITED (INACTIVE) 

  

	 	•	 	 LTK ELECTRONIC CABLES (SUZHOU) LIMITED (INACTIVE) 

  

	 	•	 	 SHANGHAI LTK ELECTRONIC CABLES LIMITED (INACTIVE) 

 I hereby grant Power of Attorney to Christopher E. Allen, Brian Anderson and Kevin Bloomfield (or any of them) to act on my behalf to take all action deemed necessary, advisable, or appropriate, and to
sign on my behalf all documents and instruments to evidence my departure as a director or officer of any entity or affiliate of Belden Inc. and to file and furnish such documents and instruments to any such governmental bodies or agencies or
persons, firms or corporations as they may deem necessary or desirable to evidence my departure. 
 Sincerely, 

/s/ Naresh Kumra 
 Naresh Kumra 

  
 7 

 ATTACHMENT 3 
 [Excerpts of Section 12 of the Employment Agreement] 
 EXECUTIVE
COVENANTS. 
 (a) NONSOLICITATION. Commencing on the date hereof, and continuing during Executive’s employment with the
Company and for the twelve (12) month period following termination of Executive’s employment for any reason (a twenty-four (24) month post-employment period in the event of a termination of Executive’s employment for any reason
at any time during a Protection Period) (“Restricted Period”), Executive agrees that Executive shall not, without the prior written consent of the Company, directly or indirectly, individually or on behalf of any other person, firm,
corporation or other entity: (i) solicit, recruit or employ (whether as an employee, officer, director, agent, consultant or independent contractor) any person who was or is at any time during the six (6) months preceding Executive’s
termination of employment an employee, representative, officer or director of the Company or affiliate; (ii) take any action to encourage or induce any employee, representative, officer or director of the Company or affiliate to cease their
relationship with the Company or affiliate for any reason; or (iii) knowingly solicit, aid or induce any customer of the Company or any of its subsidiaries or affiliates to purchase goods or services then sold by the Company or any of its
subsidiaries or affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer. 
 (b) NONCOMPETITION. Executive acknowledges that Executive performs services of a unique nature for the Company that are irreplaceable, and that Executive’s performance of such services to a competing
business will result in irreparable harm to the Company and its affiliates (including Belden). Accordingly, during the Restricted Period, Executive agrees that Executive shall not, directly or indirectly, own, manage, operate, control, be employed
by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in any business of the same type as any
business in which the Company or any of its subsidiaries or affiliates (including Belden) is engaged on the date of termination or in which they have proposed, on or prior to such date, to be engaged in on or after such date at any time during the
twelve (12)-month period ending with the date of termination for any reason (a twenty-four month post-employment period in the event of termination of Executive’s employment for any reason at any time during a Protection Period), in any locale
of any country in which the Company or affiliates (including Belden) conducts business. This Section 12(c) shall not prevent Executive from owning not more than two percent (2%) of the total shares of all classes of stock outstanding of
any publicly held entity engaged in such business. 

  
 8 

 ATTACHMENT 4 
 LIST OF COMPANY PROPERTY PURCHASED 
 BY 

NARESH KUMRA 
  

			
	 Company Property
	  	Payment
Amount
	 BMW 323iA Cabrio LCI
	  	HKD 340,000
	 Household Appliances & Furniture
	  	HKD 170,000

  
 9

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