Document:

EX-10.10

 Exhibit 10.10 

BWX TECHNOLOGIES, INC. 

EXECUTIVE INCENTIVE COMPENSATION PLAN 

AMENDED & RESTATED AS OF JULY 1, 2015 

 Table of Contents 
  

					
	 ARTICLE 1 – PURPOSE
	 	1
		
	 ARTICLE 2 – DEFINITIONS
	 	1
			
	 (a)
	    	 Affiliated Company
	 	1
			
	 (b)
	    	 Award Opportunity
	 	1
			
	 (c)
	    	 Board
	 	1
			
	 (d)
	    	 Code
	 	1
			
	 (e)
	    	 Committee
	 	1
			
	 (f)
	    	 Company
	 	1
			
	 (g)
	    	 Consolidated Balance Sheet
	 	1
			
	 (h)
	    	 Consolidated Financial Statements
	 	2
			
	 (i)
	    	 Covered Employee
	 	2
			
	 (j)
	    	 Economic Value Added
	 	2
			
	 (k)
	    	 Employee
	 	2
			
	 (l)
	    	 Equity
	 	2
			
	 (m)
	    	 Final Award
	 	2
			
	 (n)
	    	 Participant
	 	2
			
	 (o)
	    	 Plan
	 	2
			
	 (p)
	    	 Qualified Performance-Based Award
	 	2
			
	 (q)
	    	 Salary
	 	3
			
	 (r)
	    	 Subsidiary
	 	3
			
	 (s)
	    	 Target Incentive Award
	 	3
		
	 ARTICLE 3 – UNFUNDED STATUS OF THE PLAN
	 	3
		
	 ARTICLE 4 – ADMINISTRATION OF THE PLAN
	 	3
		
	 ARTICLE 5 – ELIGIBILITY AND PARTICIPATION
	 	4
		
	 ARTICLE 6 – AWARD DETERMINATION
	 	4

  
 i 

					
	 (a)
	    	 Performance Measures and Performance Goals
	 	4
			
	 (b)
	    	 Award Opportunities
	 	5
			
	 (c)
	    	 Adjustment of Performance Goals and Award Opportunities
	 	5
			
	 (d)
	    	 Final Award Determinations
	 	5
			
	 (e)
	    	 Award Limit
	 	6
			
	 (f)
	    	 Threshold Levels of Performance
	 	6
		
	 ARTICLE 7 – PAYMENT OF AWARDS
	 	6
		
	 ARTICLE 8 – QUALIFIED PERFORMANCE-BASED AWARDS
	 	6
			
	 (a)
	    	 Applicability of Article 8
	 	6
			
	 (b)
	    	 Establishment of Award Opportunities
	 	7
			
	 (c)
	    	 Components of Award Opportunities
	 	7
			
	 (d)
	    	 No Adjustment of Performance Goals or Award Opportunities
	 	8
		
	 ARTICLE 9 – LIMITATIONS
	 	8
		
	 ARTICLE 10 – CLAWBACK PROVISIONS
	 	9
		
	 ARTICLE 11 – AMENDMENT, SUSPENSION, TERMINATION, OR ALTERATION OF THE PLAN
	 	10
		
	 ARTICLE 12 – COMMENCEMENT OF AWARDS
	 	10

  
 ii 

 Article 1 – Purpose 

The purpose of the plan is to make provision for the payment of supplemental compensation to managerial and other key Employees who contribute materially to
the success of the Company or one or more of its Subsidiary or Affiliated Companies, thereby affording them an incentive for and a means of participating in that success. 

Article 2 – Definitions 
 For the purpose of the
Plan, the following definitions shall be applicable: 
 (a) Affiliated Company. Any corporation, joint venture, or other legal entity in which BWX
Technologies, Inc.,, directly or indirectly, through one or more Subsidiaries, owns less than fifty percent (50%) but at least twenty percent (20%) of its voting control. 

(b) Award Opportunity. The various levels of incentive award payouts which a Participant may earn under the Plan, as established by the Committee
pursuant to Sections 6(a), 6(b) and 8(b) herein. 
 (c) Board. The Board of Directors of BWX Technologies, Inc. 

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

(e) Committee. “Committee” means the Compensation Committee of the Board of Directors. The Committee shall be constituted so as to permit the
Program to comply with the exemptive provisions of Section 16 of the Securities Exchange Act of 1934, and the rules promulgated thereunder, and the rules and regulations approved by national securities exchanges. 

(f) Company. “Company” means BWX Technologies, Inc.,, a Delaware corporation (or any successor thereto). 

(g) Consolidated Balance Sheet With respect to each fiscal year of the Company, the Consolidated Balance Sheet included in the Company’s

  
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Consolidated Financial Statements for such year, as certified by the Company’s independent public accountants, and set forth in the Company’s Annual Report on Form 10-K filed with the
Securities and Exchange Commission. 
 (h) Consolidated Financial Statements. With respect to each fiscal year of the Company, the Company’s
Consolidated Balance Sheet and Consolidated Statement of Income and Retained Earnings for such year. 
 (i) Covered Employee. A Participant who is
one of the group of “covered employees,” as defined in the Regulations promulgated under Code Section 162(m)(3) or who the Committee determines is likely to become one of the group of “covered employees” as defined under
Code Section 162(m). 
 (j) Economic Value Added. Economic Value Added, with respect to each fiscal year of the Company, is defined as net
operating profit after tax minus the product of capital and the cost of capital. 
 (k) Employee. Any person who is regularly employed by the Company
or any of its Subsidiary or Affiliated Companies on a full-time salaried basis, including any Employee who also is an officer or director of the Company or of any of its Subsidiary or Affiliated Companies. 

(l) Equity. Total stockholders’ equity as reported in the Company’s Consolidated Balance Sheet. 

(m) Final Award. The actual award earned during a plan year by a Participant, as determined by the Committee following the end of a plan year; provided
Participant is still an Employee when payment is to be made pursuant to Article 7 herein. 
 (n) Participant. An Employee who has received an Award
Opportunity. 
 (o) Plan. The Executive Incentive Compensation Plan of BWX Technologies, Inc.. 

(p) Qualified Performance-Based Award. An award or portion of an award granted to a Covered Employee that is intended to satisfy the requirements for
“qualified performance-based compensation” under Code Section 162(m). 

  
 2 

 (q) Salary. The annual basic compensation earned during a plan year (including any portion which may have
been deferred). 
 (r) Subsidiary. Any corporation, joint venture or other legal entity in which the Company, directly or indirectly, owns more than
fifty percent (50%) of its voting control. 
 (s) Target Incentive Award. The award to be paid to Participants when the Company meets
“targeted” performance results, as established by the Committee. 
 Article 3 – Unfunded Status of the Plan 

(a) Each Final Award shall be paid from the general funds of the Participant’s employer. The entire expense of administering the Plan shall be borne by
the Company. 
 (b) No special or separate funds shall be established, or other segregation of assets made to execute payment of Final Awards. No Employee,
or other person, shall have, under any circumstances, any interest whatsoever, vested or contingent, in any particular property or asset of the Company or any Subsidiary or Affiliated Company by virtue of any Final Award. 

Article 4 – Administration of the Plan 
 Full power
and authority to construe, interpret and administer the Plan shall be vested in the Committee. A determination by the Committee in carrying out or administering the Plan shall be final and binding for all purposes and upon all interested persons,
their heirs, and personal representative(s). Except as prohibited by applicable law or limited by Article 8 herein, the Committee may delegate to the Chief Executive Officer and to executive officers of the Company its duties under this Plan
pursuant to such conditions or limitations as the Committee may establish. 

  
 3 

 Article 5 – Eligibility and Participation 

All Employees are eligible for participation in the Plan. Actual participation in the Plan shall be based upon recommendations by the Chief Executive Officer
of the Company, subject to approval by the Committee. The Chief Executive Officer of the Company shall automatically participate in the Plan. 
 Article
6 – Award Determination 
 (a) Performance Measures and Performance Goals. 

For each plan year, the Committee shall select performance measures and shall establish performance goals for that plan year. Except as provided in Article 8
herein, the performance measures may be based on any combination of corporate, segment, group, subsidiary, divisional, and/or individual goals. 

For each plan year, the Committee shall establish ranges of performance goals which will correspond to various levels of Award Opportunities.
Each performance goal range shall include a level of performance at which one hundred percent (100%) of the Target Incentive Award shall be earned. In addition, each range shall include levels of performance above and below the one hundred
percent (100%) performance level. 
 After the performance goals are established, the Committee will align the achievement of the
performance goals with the Award Opportunities (as described in Article 6(b) herein), such that the level of achievement of the pre-established performance goals at the end of the plan year will determine the Final Awards. Except as provided in
Article 8 herein, the Committee shall have the authority to exercise subjective discretion in the determination of Final Awards, and the authority to delegate the ability to exercise subjective discretion in this respect. 

  
 4 

 (b) Award Opportunities. 

For each plan year, the Committee shall establish, in writing, Award Opportunities which correspond to various levels of achievement of the pre-established
performance goals. The established Award Opportunities shall vary in relation to the job classification of each Participant. 
 (c) Adjustment of
Performance Goals and Award Opportunities. 
 Once established, performance goals normally shall not be changed during the plan year. However, except as
provided in Article 8 herein, if the Committee determines that external changes or other unanticipated business conditions have materially affected the fairness of the goals, then the Committee may approve appropriate adjustments to the performance
goals (either up or down) during the plan year as such goals apply to the Award Opportunities of specified Participants. In addition, the Committee shall have the authority to reduce or eliminate the Final Award determinations, based upon any
objective or subjective criteria it deems appropriate. 
 Notwithstanding any other provision of this Plan, in the event of any change in
Corporate capitalization, such as a stock split, or a corporate transaction, such as any merger, consolidation, separation, including a spin-off, or other distribution of stock or property of the Company, any reorganization (whether or not such
reorganization comes within the definition of such term in Code Section 368), or any partial or complete liquidation of the Company, an adjustment shall be made in the Award Opportunities and/or the performance measures or performance goals
related to then-current performance periods, as may be determined to be appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights; provided, however, that subject to Article 8 herein, no such
adjustment shall be made to a Qualified Performance-Based Award where such action would cause the award to no longer qualify for the exception for “qualified performance-based compensation” under Code Section 162(m). 

(d) Final Award Determinations. 
 At the end of each plan year,
Final Awards shall be computed for each Participant as determined by the Committee. Subject to the terms of Article 8 herein, Final Award amounts may vary above or below the Target Incentive Award, based on the level of achievement of the
pre-established corporate, segment, group, divisional, and/or individual performance goals. 

  
 5 

 (e) Award Limit. 

The Committee may establish guidelines governing the maximum Final Awards that may be earned by Participants (either in the aggregate, by Employee class, or
among individual Participants) in each plan year. The guidelines may be expressed as a percentage of goals or financial measures, or such other measures as the Committee shall from time to time determine; provided, however, that the maximum payout
with respect to a Final Award payable to any one Participant in connection with performance in any one plan year shall be three million dollars ($3,000,000). 

(f) Threshold Levels of Performance. 
 The Committee may
establish minimum levels of performance goal achievement, below which no payouts of Final Awards shall be made to any Participant. 
 Article 7 –
Payment of Awards 
 Each and every Final Award shall be payable in a lump sum no later than the March 15 following the end of the Plan year during
which the award is earned, or as soon as administratively practicable thereafter in the event payment is delayed due to unforeseeable events. 
 Article
8 – Qualified Performance-Based Awards 
 (a) Applicability of Article 8. 

The provisions of this Article 8 shall apply only to Qualified Performance-Based Awards. Qualified Performance-Based Awards include only those awards that are
designated by the Committee as Qualified Performance-Based Awards. In the event of any inconsistencies between this Article 8 and the other Plan provisions as they pertain to Qualified Performance-Based Awards, the provisions of this Article 8 shall
control. 

  
 6 

 (b) Establishment of Award Opportunities. 

Except as provided for by the Committee at the time a Qualified Performance Based Award is made, Qualified Performance-Based Awards shall be established as a
function of the Covered Employee’s base Salary. As specified by the Committee at the time the Qualified Performance-Based Award is made, base Salary for this purpose may be stated as a percentage of the base Salary of a Covered Employee at the
time the performance measures are established, at the time the Final Award is paid or during the plan year. For each plan year, the Committee shall establish, in writing, various levels of Final Awards which will be paid with respect to specified
levels of attainment of the pre-established performance goals. 
 (c) Components of Award Opportunities. 

Each Qualified Performance-Based Award shall be based on: (a) the Covered Employee’s Target Incentive Award; (b) the potential Final Awards
corresponding to various levels of achievement of the pre-established performance goals, as established by the Committee; and (c) Company, segment, group, subsidiary or division performance in relation to the pre-established performance goals.
Performance measures which may serve as determinants of Qualified Performance-Based Awards shall be limited to Cash Flow, Cash Flow Return on Capital, Cash Flow Return on Assets, Cash Flow Return on Equity, Earnings Per Share (basic or diluted), Net
Income, Operating Income, Return on Assets, Return on Capital, Return on Equity, Return on Invested Capital, Safety, Share Price, Total and Relative Shareholder Return and Economic Value Added. At the time the performance measures are established,
the Committee, in a manner consistent with Code Section 162(m), may specify that such performance measures shall be adjusted to exclude any negative impact caused by research and development expenses, acquisition costs, operating expenses from
acquired businesses or corporate transactions, changes in accounting principles and such other unusual, nonrecurring or extraordinary items specified by the Committee in its sole discretion. The Committee shall have the right through discretionary
downward adjustments to exclude the positive impact of the aforementioned items and occurrences. 

  
 7 

 (d) No Adjustment of Performance Goals or Award Opportunities. 

In the case of Qualified Performance-Based Awards, each Covered Employee’s Final Award shall be based exclusively on the Award Opportunity levels
established by the Committee at the time the Qualified Performance-Based Award is made. In addition, performance goals shall not be changed following their establishment where such action would cause the award to no longer qualify for the exception
for “qualified performance-based compensation” under Code Section 162(m), and no payout shall be made when the minimum performance goals are not met or exceeded. The Committee, however, shall have the discretion to decrease or
eliminate the amount of the Final Award otherwise payable on account of a Qualified Performance-Based Award. Notwithstanding the above, in the event that changes in the tax law are made to Code Section 162(m) to permit greater flexibility with
respect to any Qualified Performance-Based Award available under the Plan, the Committee, subject to Article 11, may make such adjustments it deems appropriate, provided that after such adjustment the award would continue to satisfy the requirement
for “qualified performance-based compensation” under Code Section 162(m). 
 Article 9 – Limitations 

(a) No person shall at any time have any right to a payment hereunder for any fiscal year, and no person shall have authority to enter into an agreement for
the making of an Award Opportunity or payment of a Final Award or to make any representation or guarantee with respect thereto. 
 (b) An employee receiving
an Award Opportunity shall have no rights in respect of such Award Opportunity, except the right to receive payments, subject to the conditions herein, of such Award Opportunity, which right may not be assigned or transferred except by will or by
the laws of descent and distribution. 
 (c) Neither the action of the Company in establishing the Plan, nor any action taken by the Committee under the
Plan, nor any provision of the Plan shall be construed as giving to any person the right to be retained in the employ of the Company or any of its Subsidiary or Affiliated Companies. 

  
 8 

 Article 10 – Clawback Provisions 

(a) For any Award Opportunity established under this Plan on or after February 22, 2011, in the event that the Company is required to prepare an
accounting restatement due to the material noncompliance of the Company with any financial reporting requirement under the U.S. federal securities laws as a result of fraud (a “Restatement”), the Company will have the right to recover from
each current or former Participant who the Board reasonably determines knowingly engaged in the fraud (the “Subject Participant”) who earned a Final Award during the three-year period preceding the date on which the Board or the Company,
as applicable, determines the Company is required to prepare the Restatement (the “Three-Year Period”) the amount of such Final Award in excess of what would have been earned by the current or former Subject Participant under the
Restatement. 
 (b) In the event a Restatement is required, the Board, based upon a recommendation by the Committee, will (1) review each current and
former Subject Participant’s Final Awards earned under this Plan (for Award Opportunities established under this Plan on or after February 22, 2011) during the Three-Year Period and (2) in accordance with Article 10 hereof, with
respect to each current and former Subject Participant, will take reasonable action to seek recovery of the amount of such Final Awards in excess of what would have been earned by the current or former Subject Participant under the Restatement (but
in no event more than the total amount of such Awards), as such excess amount is reasonably determined by the Board, in compliance with Section 409A of the Code. There shall be no duplication of recovery under Article 10 hereof and any of 15
U.S.C. Section 7243 (Section 304 of The Sarbanes-Oxley Act of 2002) and Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”). 

  
 9 

 Article 11 – Amendment, Suspension, Termination, or Alteration of the Plan 

The Board may, at any time or from time to time, amend, suspend, terminate or alter the Plan, in whole or in part, but it may not thereby affect adversely
rights of Participants, their spouses, children, and personal representative(s) with respect to Final Awards previously made. Notwithstanding anything in this Plan to the contrary, the Board may make any amendment to Article 10 hereof that is deemed
necessary or appropriate by the Company to ensure compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act or Section 10D of the Exchange Act, or any rules or regulations promulgated thereunder. 

Article 12 – Commencement of Awards 
 The
Company’s fiscal year ending December 31, 2010 shall be the first fiscal year with respect to which Award Opportunities may be made under the Plan. 

  
 10EX-10.11

 Exhibit 10.11 
  

 
 BWX TECHNOLOGIES, INC. 

EXECUTIVE SEVERANCE PLAN 

Amended and Restated Effective July 1, 2015 
  

 

  

Table of Contents 
  

 

											
	 	 	 	  	 	  	 	  	Page	 
	 PREAMBLE
	 		  		  		  	 	1	  
					
	 ARTICLE
	 	 1
	  	 -
	  	 PARTICIPATION OF OTHER EMPLOYERS
	  	 	2	  
					
		 	1.1	  	-	  	 Designation of Participating Employers
	  	 	2	  
		 	1.2	  	-	  	 Obligations of Participating Employers
	  	 	2	  
		 	1.3	  	-	  	 Withdrawal of a Participating Employer
	  	 	2	  
					
	 ARTICLE
	 	 2
	  	 -
	  	 ELIGIBILITY, PARTICIPATION AND BENEFITS
	  	 	2	  
					
		 	2.1	  	-	  	 Eligibility
	  	 	2	  
		 	2.2	  	-	  	 Participation
	  	 	2	  
		 	2.3	  	-	  	 Severance Benefits
	  	 	3	  
					
	 ARTICLE
	 	 3
	  	 -
	  	 FUNDING THE PLAN
	  	 	4	  
					
		 	3.1	  	-	  	 Funding Policy
	  	 	4	  
		 	3.2	  	-	  	 Contributions
	  	 	4	  
					
	 ARTICLE
	 	 4
	  	 -
	  	 PLAN ADMINISTRATION
	  	 	4	  
					
		 	4.1	  	-	  	 Plan Administrator
	  	 	4	  
		 	4.2	  	-	  	 Powers and Duties of the Plan Administrator
	  	 	4	  
		 	4.3	  	-	  	 Allocation and Delegation of Responsibility
	  	 	5	  
		 	4.4	  	-	  	 Reliance by Plan Sponsor
	  	 	5	  
		 	4.5	  	-	  	 Indemnification
	  	 	5	  
		 	4.6	  	-	  	 Claims Procedure
	  	 	5	  
					
	 ARTICLE
	 	 5
	  	 -
	  	 AMENDMENT AND TERMINATION
	  	 	6	  
					
		 	5.1	  	-	  	 Amendment
	  	 	6	  
		 	5.2	  	-	  	 Termination
	  	 	6	  
					
	 ARTICLE
	 	 6
	  	 -
	  	 GENERAL PROVISIONS
	  	 	7	  
					
		 	6.1	  	-	  	 Action by Plan Sponsor
	  	 	7	  
		 	6.2	  	-	  	 Recovery of Overpayments
	  	 	7	  
		 	6.3	  	-	  	 Data
	  	 	7	  
		 	6.4	  	-	  	 Headings
	  	 	7	  
		 	6.5	  	-	  	 Construction and Controlling Law
	  	 	7	  
		 	6.6	  	-	  	 No Waiver or Estoppel
	  	 	7	  
		 	6.7	  	-	  	 Severability
	  	 	8	  
					
	 APPENDIX
	 	 A
	  	 -
	  	 PARTICIPATING EMPLOYERS
	  	 	9	  

 PREAMBLE 

The BWX Technologies, Inc. Executive Severance Plan (the “Plan”) was originally established effective November 5, 2012.
The Plan has been amended and restated by BWX Technologies, Inc. (the “Plan Sponsor”) effective July 1, 2015 (the “Effective Date”). 

The Plan is governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). It has been designed to
qualify for certain exemptions under Title I of ERISA that apply to plans that are unfunded and maintained primarily for the purpose of providing benefits for a select group of management or highly compensated employees. The plan is intended to
qualify for certain exemptions from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) for short term deferrals and separation pay plans. 

The first Plan Year shall be a short Plan Year beginning on November 5, 2012 and ending on December 31, 2012. Thereafter, the Plan
Year shall be the twelve (12) month period beginning on January 1 and ending on December 31 of each calendar year. 

  
 1 

 ARTICLE 1 

PARTICIPATION OF OTHER EMPLOYERS 
  

	1.1	Designation of Participating Employers 

 The Plan Sponsor may designate other
participating subsidiary and/or affiliated companies from time to time to participate in the Plan (the “Participating Employers”). Such designation may include a limitation as to the classes or groups of employees of such subsidiary
or affiliated corporation that may participate in the Plan. The name of each Participating Employer that has adopted the Plan shall be recorded on Appendix A hereto, as may be revised from time to time. 

 

	1.2	Obligations of Participating Employers 

 The Plan Sponsor and any subsidiary or
affiliated company which has been designated as a Participating Employer shall have the obligation to fund the benefits provided to its own employees, and no other Participating Employer shall have such obligation. Any failure by the Plan Sponsor or
any Participating Employer to meet its obligation under the Plan in such respect shall have no effect on any other Participating Employer. 
  

	1.3	Withdrawal of a Participating Employer 

 Any Participating Employer may withdraw from the
Plan at any time without affecting any other Participating Employer. The Plan Sponsor may in its absolute discretion terminate any Participating Employer’s participation in the Plan at any time. 

ARTICLE 2 
 ELIGIBILITY,
PARTICIPATION AND BENEFITS 
  

	2.1	Eligibility 

 Each employee of the Plan Sponsor or a Participating Employer who has been
elected to the office of vice president or president of the Plan Sponsor or a Participating Employer shall be eligible to participate in the Plan (an “Eligible Employee”). 

 

	2.2	Participation 

 Each Eligible Employee whose compensation is reviewed and approved by the
Compensation Committee of the Board of Directors of the Plan Sponsor (the “Committee”) shall be a “Participant”. Participation in the Plan shall begin on the date the Eligible Employee is notified in writing of his
participation and shall continue until the earliest of the following: 
  

	 	(a)	The date he is notified, in writing, that he is no longer a Participant in the Plan; 

  

	 	(b)	The date he is no longer employed by the Plan Sponsor or any Participating Employer; or 

  

	 	(c)	The date the Plan terminates. 

  
 2 

	2.3	Severance Benefits 

 A Participant whose employment is terminated by the Plan Sponsor or
a Participating Employer for reasons other than “Cause” shall be entitled to the benefits set forth below, provided he has signed an agreement that is no longer subject to revocation prepared by the Plan Sponsor which is a general release
of the Plan Sponsor, and its affiliates, directors, officers and other customary persons from any claim or liability arising out of or related to his employment with or termination of employment from the Plan Sponsor or a Participating Employer, as
applicable, and shall include non-compete, nondisclosure, non-disparagement and non-solicitation covenants. 
  

	 	(a)	A lump sum amount, in cash, as soon as administratively practicable after the Participant’s date of termination of employment (but in no event later than March 15 following the year in which the
termination occurs) equal to 52 weeks base salary as in effect on the date of termination. 

  

	 	(b)	A lump sum amount, in cash, equal to the “Applicable Premium” for nine months of “Continuation Coverage” in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended and
regulations and rulings issued thereunder (“COBRA”) for the medical, dental and/or vision benefits in effect for the Participant and his Qualified Beneficiaries on the date of termination. Such payment shall be made as soon as
administratively practicable following the Participant’s date of termination of employment (but in no event later than March 15 following the year in which the termination occurs.) 

 

	 	(c)	Access to employer-paid outplacement services for the twelve (12) month period beginning on the later of the Participant’s date of termination or the expiration of the release agreement revocation period.

  

	 	(d)	If the Participant is entitled to Continuation Coverage under an employer-sponsored group health plan as a result of his termination of employment, the “Maximum Required Period” for such continuation coverage
for the Participant and his Qualified Beneficiaries shall be extended from 18 months to 24 months. 

 For purposes of this Section 2.3,
“Applicable Premium”, “Continuation Coverage”, “Qualified Beneficiary” and “Maximum Coverage Period” shall have the meanings ascribed to such terms under COBRA, and “Cause” shall mean (i) the
willful and continued failure of the Participant to perform substantially his duties with the Company (occasioned by reason other than physical or mental illness or disability of Employee) after a written demand for substantial performance is
delivered to him by the Compensation Committee of the Board of Directors of the Plan Sponsor or the Chief Executive Officer of the Plan Sponsor which specifically identifies the manner in which the Compensation Committee of the Board of Directors or
the Chief Executive Officer believes that the Participant has not substantially performed his duties, after which the Participant shall have thirty days to defend or remedy such failure to substantially perform his duties; (ii) the willful
engaging by Employee in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company; or (iii) the conviction of Employee with no further possibility of appeal, or plea of guilty or nolo contendere by
Employee to any felony. 
 The cessation of employment of the Participant under clause (i) and (ii) above shall not be deemed to be for
“Cause” unless and until there shall have been delivered to the Participant 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 Plan 

  
 3 

 
Sponsor at a meeting of such Committee called and held for such purpose (after reasonable notice is provided to the Participant 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, the Participant is guilty of the conduct described in subparagraph (i) or (ii) above, and specifying the particulars thereof in detail. 

ARTICLE 3 
 FUNDING THE
PLAN 
  

	3.1	Funding Policy 

 The Plan Sponsor shall fund the Plan in a manner consistent with the
provisions of ERISA and such other laws and regulations as may be applicable, to the end that benefits payable under this Plan shall be funded on a lawful and sound basis. However, to the extent permitted by governing law, the Plan Sponsor shall be
free to determine the funding method of the Plan. 
  

	3.2	Contributions 

 The Plan is an unfunded plan. Benefits under the Plan shall be paid
solely from the general assets of the Plan Sponsor and other Participating Employers. No contributions shall be made by employees. 

ARTICLE 4 
 PLAN
ADMINISTRATION 
  

	4.1	Plan Administrator 

 The Company is the Plan Administrator and a “named
fiduciary” of the Plan for purposes of ERISA, and shall control and manage the operation and administration of the Plan. 
  

	4.2	Powers and Duties of the Plan Administrator 

 The Plan Administrator or its designee
shall have the sole and exclusive discretionary authority to interpret the Plan and to make factual determinations regarding any and all matters arising hereunder, including but not limited to, the right to determine eligibility for benefits, to
construe the terms of the Plan, to remedy possible ambiguities, inconsistencies or omissions and to establish rules for the administration of the Plan and the transaction of its business. The Plan Administrator shall exercise such others powers and
perform such other duties as it, in its discretion, may deem necessary, desirable, advisable or proper for the supervision and administration of the Plan. Any decision by the Plan Administrator shall be final and binding upon all parties. 

  
 4 

	4.3	Allocation and Delegation of Responsibility 

 The Plan Administrator shall have the
authority to delegate to any person any fiduciary responsibility under the Plan. Any person may serve in more than one fiduciary capacity with respect to the Plan. The Plan Administrator may also appoint and delegate to one or more individuals the
power and duty to handle the non-fiduciary administrative functions of the Plan. The Plan Administrator may employ counsel and agents as well as such clerical and accounting services as it may require in carrying out the provisions of the Plan or
complying with the requirements of ERISA or other federal law. Any person or firm so employed may be a person or firm then, theretofore or thereafter serving the Plan Sponsor or any Participating Employer in any capacity. 

 

	4.4	Reliance by Plan Sponsor 

 To the extent permitted by law, the Plan Sponsor, the Plan
Administrator and any person to whom the Plan Administrator may delegate any duty or power in connection with administering the Plan and the officers and directors of the Plan Sponsor shall be entitled to rely conclusively upon, and shall be fully
protected in any action taken or suffered by them in good faith in the reliance upon, any benefit plan consultant, counsel, accountant, investment manager, other specialist or other person selected by the Plan Sponsor or the Plan Administrator, or
in reliance upon any tables, valuations, certificates, opinions or reports which shall be furnished by any of them. Further, to the extent permitted by law, neither the Plan Sponsor and the officers or directors thereof, nor the Plan Administrator
and any person referred to in Section 4.3 shall be liable for any neglect, omission or wrongdoing of any other person. 
  

	4.5	Indemnification 

 To the extent not covered by insurance, or if there is a failure to
provide full insurance coverage for any reason, the Plan Sponsor agrees to indemnify and hold all directors, officers and employees of the Plan Sponsor and of any Participating Employer harmless against any and all claims and causes of action by or
on behalf of any and all parties whomsoever, and all losses therefrom, including without limitation, costs of defense and attorneys’ fees, based upon or arising out of any act or omission relating to, or in connection with the Plan, including
the negligent act or omission to act on the part of such directors, officers and employees, other than losses resulting from such persons’ fraud or willful misconduct. 
  

	4.6	Claims Procedure 

 The Committee shall have sole discretionary authority with regard to
the adjudication of any claims made under the Plan. All claims for benefits under the Plan shall be submitted in writing, shall be signed by the claimant and shall be considered filed on the date the claim is received by the Committee. In the event
a claim is denied, in whole or in part, the claims procedures set forth below shall be applicable. 
 Upon the filing of a claim as above
provided and in the event the claim is denied, in whole or in part, the Committee shall within ninety (90) days, (forty five (45) days for disability related claims,) provide the claimant with a written statement which shall be delivered
or mailed to the claimant to his last known address, which statement shall contain the following: 
  

	 	(a)	the specific reason or reasons for the denial of benefits; 

  

	 	(b)	a specific reference to the pertinent provisions of the Plan upon which the denial is based; 

  

	 	(c)	a description of any additional material or information necessary for the claimant to perfect his claim for benefits and an explanation of why such material and information is necessary; and 

  
 5 

	 	(d)	an explanation of the review procedure provided below. 

 If special circumstances require
additional time for processing the claim, the Committee shall advise the claimant prior to the end of the initial ninety (90) day or forty-five (45) day period, setting forth the reasons for the delay and the approximate date the Committee
expects to render its decision. Any such extension shall not exceed ninety (90) days, or thirty (30) days for disability related claims. 

Within ninety (90) days after receipt of the written notice of denial of a claim as provided above, a claimant or his authorized
representative may request a review of the denial upon written application to the Committee, may review pertinent documents and may submit issues and comments in writing to the Committee. Within sixty (60) days (or forty-five days in the case
of a disability related claim) after receipt of a written request for review, or within one hundred and twenty (120) days (or ninety days for disability related claims) in the event of special circumstances which require an extension of time
for processing such application for review, the Committee shall notify the claimant of its decision by delivery or by Certified or Registered Mail to his last known address. The decision of the Committee shall be in writing and shall include the
specific reasons for the decision and specific references to the pertinent provisions of the Plan on which such decision is based. The Committee shall advise the claimant prior to the end of the initial sixty (60) day or forty-five
(45) day period, as applicable, if additional time is needed to process such application for review. The decision of the Committee shall be final and conclusive. 

ARTICLE 5 
 AMENDMENT
AND TERMINATION 
  

	5.1	Amendment 

 Notwithstanding any provision of any other communication, either oral or
written, made by the Plan Sponsor, the Plan Administrator, a Participating Employer or any other individual or entity, the Plan Sponsor reserves the right at any time and from time to time, including retroactively if deemed necessary or appropriate,
to modify or amend, in whole or in part, any or all of the provisions of the Plan. 
 The participation in the Plan of subsidiary or
affiliated companies shall not limit the powers of the Plan Sponsor to amend the Plan, and any amendment to the Plan adopted by the Plan Sponsor shall be binding upon all Participating Employers. 

 

	5.2	Termination 

 Notwithstanding any provision of any other communication, either oral or
written, made by the Plan Sponsor, the Plan Administrator, a Participating Employer or any other individual or entity, the Plan Sponsor reserves the right to terminate the Plan at anytime. Any amendment or termination of the Plan shall be effective
at such date as the Plan Sponsor shall determine. No amendment or termination shall, except as required or permitted by law, affect benefits payable to Plan participants prior to the date of amendment or termination. 

  
 6 

 ARTICLE 6 

GENERAL PROVISIONS 
  

	6.1	Action by the Plan Sponsor 

 Any action required to be taken by the Plan Sponsor shall be
by resolution of the board of directors of the Plan Sponsor, and any action required to be taken by any Participating Employer shall be by resolution of its board of directors or other governing body, or by written instrument executed by persons or
groups of persons empowered by its governing body to take such action. 
  

	6.2	Recovery of Overpayments 

 In the event that a Plan participant is erroneously paid a
benefit to which he is not entitled under the Plan, the Plan Administrator reserves the right to collect any such overpayment from the participant. 
  

	6.3	Data 

 Each person entitled to benefits under the Plan must furnish to the Plan
Administrator or its designee such documents, evidence or other information as the Plan Administrator or its designee deems necessary or desirable for the purpose of administering the Plan or to protect the Plan. The Plan Administrator shall be
entitled to rely on representations made by eligible employees with respect to personal facts unless it actually knows such representations are false. 
  

	6.4	Headings 

 The headings of the Plan are inserted for convenience and reference only and
shall have no effect upon the meaning of the provisions of the Plan. 
  

	6.5	Construction and Controlling Law 

 For purposes of the Plan, the masculine shall include
the feminine, the singular shall include the plural, and the plural shall include the singular, in all cases where such a construction would be appropriate. The Plan shall be construed, regulated and administered in accordance with ERISA and the
Code, and to the extent not preempted by federal law, in accordance with the laws of the State of North Carolina. Any dispute or claim arising out of this Plan which is not settled under the Plan’s administrative claims procedure and which is
pursued beyond such claims procedure, shall be brought in Federal District Court, in Mecklenburg County, North Carolina. 
  

	6.6	No Waiver or Estoppel 

 No term, condition or provision of the Plan shall be deemed to
have been waived, and there shall be no estoppels against the enforcement of any provision of the Plan, except by written instrument of the party charged with such waiver or estoppels. No such written waiver shall be deemed a continuing waiver
unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or as to any act other than that specifically waived.

  
 7 

	6.7	Severability 

 In case any provision of the Plan is held to be illegal, invalid, or
unenforceable for any reason, such illegal, invalid, or unenforceable provision shall not affect the remaining provisions of the Plan, but the Plan shall be construed and enforced as if such illegal, invalid, or unenforceable provision had not been
included herein. 

  
 8 

 APPENDIX A 

Participating Employers 

Effective as of July 1, 2015, the following are the Participating Employers: 

 

	 	•	 	BWXT mPower, Inc. 

  

	 	•	 	BWXT Nuclear Energy, Inc. 

  

	 	•	 	BWXT Nuclear Operations Group, Inc. 

  

	 	•	 	BWXT Technical Services Group, Inc. 

  

	 	•	 	BWXT Canada Ltd. 

  
 9

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