Document:

Exhibit

EXHIBIT 10.4

CONSENT AND AMENDMENT NO. 7 TO CREDIT AGREEMENT 
This CONSENT AND AMENDMENT NO. 7 TO CREDIT AGREEMENT (this “Amendment”), dated as of May 31, 2018, is among BABCOCK & WILCOX ENTERPRISES, INC., a Delaware corporation (the “Borrower”), BANK OF AMERICA, N.A., in its capacity as administrative agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”), and each of the Lenders party hereto, and, for purposes of  Sections 1, 2, 3, 4, 7 and 8 hereof, acknowledged and agreed by certain Subsidiaries of the Borrower, as Guarantors.
W I T N E S S E T H:
WHEREAS, the Borrower, the Administrative Agent and the Lenders have entered into that certain Credit Agreement, dated as of May 11, 2015 (as amended by Amendment No. 1 to Credit Agreement, dated as of June 10, 2016, Amendment No. 2 to Credit Agreement, dated as of February 24, 2017, Amendment No. 3 to Credit Agreement, dated as of August 9, 2017 (“Amendment No. 3”), Amendment No. 4 to Credit Agreement, dated as of September 20, 2017, Amendment No. 5 to Credit Agreement, dated as of March 1, 2018 (“Amendment No. 5”), and Amendment No. 6 to Credit Agreement, dated as of April 10, 2018, and from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the “Credit Agreement”; capitalized terms used in this Amendment not otherwise defined herein shall have the respective meanings given thereto in the Credit Agreement), pursuant to which the Lenders have provided a revolving credit facility to the Borrower; 

WHEREAS, the Borrower and the other Loan Parties have entered into that certain Pledge and Security Agreement, in favor of the Administrative Agent for the ratable benefit of the Secured Parties, dated as of June 30, 2015 (as amended by Amendment No. 3 and Amendment No. 5 and from time to time further amended, supplemented, restated, amended and restated or otherwise modified, the “Collateral Agreement”);

WHEREAS, the Borrower has requested that the Administrative Agent and the Required Lenders agree to consent to certain sales of assets (i) not otherwise permitted under Section 7.04 of the Credit Agreement or (ii) requiring that the terms and conditions of the documentation relating thereto shall be satisfactory to the Required Lenders and the Administrative Agent, and the Administrative Agent and the Lenders signatory hereto are willing to consent to such sales on the terms and conditions contained in this Amendment; and

WHEREAS, the Borrower has requested that the Administrative Agent and the Required Lenders agree to amend the Credit Agreement to extend the deadline for the CIO to present the strategic plan and the Plan to the Administrative Agent and the Lenders pursuant to Section 6.33 of the Credit Agreement and agree to amend the Collateral Agreement as set forth herein, and the Administrative Agent and the Lenders signatory hereto are willing to effect such amendment on the terms and conditions contained in this Amendment.

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

    
    

		
	1.
	Consent. 

Effective upon the Amendment No. 7 Effective Date (as defined below), the Administrative Agent and the Lenders party hereto hereby consent to the following:

		
	(a)
	  Notwithstanding Section 7.04 of the Credit Agreement, Babcock & Wilcox India Holdings, Inc. may consummate an Asset Sale of its Equity Interests in Thermax Babcock & Wilcock Energy Solutions, Ltd. to Thermax Limited, provided that (i) such Asset Sale is consummated, and the terms and conditions of the documentation relating to such Asset Sale are, in accordance with the materials delivered to the Administrative Agent on May 25, 2018 (the ”Lender Consent Request”) and (ii) such documentation is substantially in the same form as the draft documentation delivered to the Administrative Agent on May 25, 2018, other than any changes thereto that are reasonably satisfactory to the Administrative Agent (the “Indian JV Sale”). 

		
	(b)
	 Pursuant to Section 7.04(o) of the Credit Agreement, the Administrative Agent and the Required Lenders deem the terms and conditions relating to the sale of the Selected Assets described in the Orion Plan, and the documentation relating to such Asset Sale, satisfactory, provided that (i) such Asset Sale is consummated, and the terms and conditions of the documentation relating to such Asset Sale are, in accordance with the Lender Consent Request and (ii) such documentation is substantially in the same form as the draft documentation delivered to the Administrative Agent on May 29, 2018, other than any changes thereto that are reasonably satisfactory to the Administrative Agent (the “Orion Sale”).

		
	2.
	Amendments to the Credit Agreement. 

The Credit Agreement is, effective as of the Amendment No. 7 Effective Date, hereby amended as follows: 

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

“Liquidity” means at any time the sum of (a) unrestricted cash and Cash Equivalents of the Borrower and the other Loan Parties, subject to a Control Agreement in favor of the Administrative Agent (excluding any Cash Collateral), provided that such cash shall not be required to be subject to a Control Agreement until 30 days after the Amendment No. 3 Effective Date, (b) unrestricted cash and Cash Equivalents of the Non-Loan Parties in an amount not to exceed $50,000,000  and (c) (i) after the Amendment No. 3 Effective Date and during the Relief Period, the lesser of (x) the Relief Period Sublimit, less the aggregate outstanding principal amount of Revolving Credit Loans and (y) the Revolving Credit Facility, less the Total Outstandings (other than, after the consummation of the sale of Selected Assets in accordance with the Orion Plan, the aggregate amount available to be drawn under all outstanding Letters of Credit originally issued solely on account of the operations of MEGTEC, Universal and their respective Subsidiaries to the extent that such obligations are Cash Collateralized or backstopped by a letter of credit (other than a Letter of Credit issued hereunder), in form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer), and, (ii) other than during the Relief Period, 

    
    

the Revolving Credit Facility, less the Total Outstandings (other than, after the consummation of the sale of Selected Assets in accordance with the Orion Plan, the aggregate amount available to be drawn under all outstanding Letters of Credit originally issued solely on account of the operations of MEGTEC, Universal and their respective Subsidiaries to the extent that such obligations are Cash Collateralized or backstopped by a letter of credit (other than a Letter of Credit issued hereunder), in form and substance reasonably satisfactory to the Administrative Agent and the applicable L/C Issuer).

		
	(b)
	Section 6.33 (Chief Implementation Officer) of the Credit Agreement shall be amended by inserting the text underlined below and deleting the text stricken below to read in its entirety as follows: 

6.33     Chief Implementation Officer. As soon as commercially reasonable and in no event later than 30 days after Amendment No. 5 Effective Date, the Borrower shall appoint on terms and having a scope of engagement satisfactory to the Administrative Agent and the Required Lenders (which appointment shall not be modified or terminated without the consent of the Administrative Agent and the Required Lenders) a chief implementation officer acceptable to the Administrative Agent and the Required Lenders (the “CIO”), which CIO shall (a) report to and be supervised by the board of directors of the Borrower and be vested with the power and authority to manage, direct and control the business, affairs and property of the Borrower and its Subsidiaries (including sales of the Selected Assets) and to perform any and all acts and activities customary or incident to the management of the Borrower and its Subsidiaries’ activities and such additional duties as the board of directors may from time to time determine, (b) develop in conjunction with the board of directors and the chief executive officer and present to the Administrative Agent and the Lenders (i) prior to July 25, 2018, an updated financial forecast for 2018, which addresses near-term (x) project risks for the Vølund Projects, including risks related to critical milestone and turnover dates, (y) cost savings measures and (z) asset divestitures, and (ii) prior to September 30, 2018, (x) the Plan, which shall also cover related timing of deleveraging and increasing profitability of the Borrower and its Subsidiaries, and (y) a strategic plan with detailed descriptions of performance improvement initiatives and cost reduction and cost saving measures within 90 days of the CIO’s date of retention, a strategic plan, including performance improvement initiatives, cost reduction and cost savings measures, and specific asset sales and related timing to deleverage the Borrower and its business and increase profitability, (c) present the Plan to the Administrative Agent and the Lenders prior to within 90 days of the CIO’s date of retention [Reserved], (d) present the Orion Plan to the Administrative Agent and the Lenders within 60 days of the CIO’s date of retention and (e) be authorized by the Borrower to communicate directly with the Administrative Agent and the Lenders as to its duties described above.
		
	3.
	Amendment to the Collateral Agreement.

The Collateral Agreement is, effective as of the Amendment No. 7 Effective Date, hereby amended as follows: 

Clause (a) of Section 7.13 (Releases; Termination of this Agreement) of the Collateral Agreement shall be amended by inserting the text underlined below to read in its entirety as follows: 

    
    

(a)     At such time as the Loans and the other Obligations (other than (i) contingent indemnification obligations for which no claims have been asserted and (ii) Obligations in respect of Secured Cash Management Agreements and Secured Hedge Agreements either (A) as to which arrangements satisfactory to the applicable Cash Management Bank or Hedge Bank shall have been made or (B) notice has not been received by the Administrative Agent from the applicable Cash Management Bank or Hedge Bank that such amounts are then due and payable) shall have been paid in full, the Commitments under the Credit Agreement have been terminated or expired and each Letter of Credit issued under the Credit Agreement shall be Cash Collateralized or no longer outstanding (other than Letters of Credit as to which other arrangements satisfactory to the Administrative Agent and the applicable L/C Issuer shall have been made), the Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors.  At the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination.

		
	4.
	Additional Acknowledgement and  Agreements.

(a)      The parties hereto agree to revisit covenants set forth in Sections 7.16(a) and (b) after the consummation of the Orion Sale, taking into account the EBITDA associated with the Selected Assets being sold and the application of the sale proceeds thereof.

(b)     The parties hereto agree that the specified milestone on the schedule set forth on Exhibit C to Amendment No. 5 with respect to the Templeborough project shall be extended to July 15, 2018.
		
	5.
	 Effectiveness; Conditions Precedent. 

The amendments contained herein shall only be effective upon the satisfaction or waiver of each of the following conditions precedent (the date of satisfaction or waiver, the “Amendment No. 7 Effective Date”): 
		
	(a)
	the Administrative Agent shall have received each of the following documents or instruments in form and substance acceptable to the Administrative Agent:

		
	(i)
	counterparts of this Amendment executed by the Loan Parties and the Required Lenders; 

		
	(ii)
	such documentation and other information as has been reasonably requested by the Administrative Agent with respect to Orion Sale and the Indian JV Sale;

		
	(iii)
	a certificate of the chief financial officer or treasurer of the Borrower certifying that as of the Amendment No. 7 Effective Date (A) all of the representations and warranties in this Amendment are true and correct in all material respects (or, to the extent any such representation and warranty is modified by a materiality or Material Adverse Effect standard, in all respects) as of such date (except to the extent that such representations and 

    
    

warranties expressly relate to an earlier date, in which case they shall be true and correct in all material respects (or, to the extent any such representation and warranty is modified by a materiality or Material Adverse Effect standard, in all respects) as of such earlier date), (B) no Default shall exist, or would result from the occurrence of the Amendment No. 7 Effective Date and (C) that since December 31, 2017, there have not occurred any facts, circumstances, changes, developments or events which, individually or in the aggregate, have constituted or would reasonably be expected to result in, a Material Adverse Effect; and
		
	(iv)
	a solvency certificate, executed by a Responsible Officer of the Borrower in form and substance reasonably acceptable to the Administrative Agent, which, among other things, shall certify that the Borrower will be Solvent after giving effect to the consummation of the Orion Sale and the Indian JV Sale on a pro forma basis.

		
	(b)
	without prejudice to, or limiting the Borrower’s obligations under, Section 10.04 (Expenses; Indemnity; Damage Waiver) of the Credit Agreement, all outstanding fees, costs and expenses due to the Administrative Agent and the Lenders, including on account of Agent’s Legal Advisor and FTI, shall have been paid in full to the extent that the Borrower has received an invoice therefor (with reasonable and customary supporting documentation) at least two Business Days prior to the Amendment No. 7 Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses to the extent not so invoiced); 

		
	(c)
	each of the representations and warranties made by the Borrower in Section 6 hereof shall be true and correct. 

The Administrative Agent agrees that it will, upon the satisfaction or waiver of the conditions contained in this Section 5, promptly provide written notice to the Borrower and the Lenders of the effectiveness of this Amendment.
		
	6.
	Representations and Warranties. 

In order to induce the Administrative Agent and the Lenders to enter into this Amendment, the Borrower represents and warrants to the Administrative Agent and the Lenders, for itself and for each other Loan Party, as follows:
		
	(a)
	that both immediately prior to and immediately after giving effect to this Amendment, 
no Default exists;

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

    
    

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

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

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

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

		
	7.
	Consent, Acknowledgement and Reaffirmation of Indebtedness and Liens. 

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

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

    
    

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

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

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

		
	8.
	Releases; Waivers.

(a)By its execution hereof, each Loan Party (on behalf of itself and its Affiliates) and its successors-in-title, legal representatives and assignees and, to the extent the same is claimed by right of, through or under any Loan Party, for its past, present and future employees, agents, representatives, officers, directors, shareholders, and trustees (each, a “Releasing Party” and collectively, the “Releasing Parties”), does hereby remise, release and discharge, and shall be deemed to have forever remised, released and discharged, the Administrative Agent, the Lenders and each of the other Secured Parties, and the Administrative Agent’s, each Lenders’ and each other Secured Party’s respective successors-in-title, legal representatives and assignees, past, present and future officers, directors, affiliates, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys and other professionals and all other persons and entities to whom any of the foregoing would be liable if such persons or entities were found to be liable to any Releasing Party, or any of them (collectively hereinafter the “Lender Parties”), from any and all manner of action and actions, cause and causes of action, claims, charges, demands, counterclaims, suits, covenants, controversies, damages, judgments, expenses, liens, claims of liens, claims of costs, penalties, attorneys’ fees, or any other 

    
    

compensation, recovery or relief on account of any liability, obligation, demand or cause of action of whatever nature, whether in law, equity or otherwise (including, without limitation, any so called “lender liability” claims, claims for subordination (whether equitable or otherwise), interest or other carrying costs, penalties, legal, accounting and other professional fees and expenses and incidental, consequential and punitive damages payable to third parties, or any claims arising under 11 U.S.C. §§ 541-550 or any claims for avoidance or recovery under any other federal, state or foreign law equivalent), whether known or unknown, fixed or contingent, joint and/or several, secured or unsecured, due or not due, primary or secondary, liquidated or unliquidated, contractual or tortious, direct, indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, now existing, heretofore existing or which may heretofore have accrued against any of the Lender Parties under the Credit Agreement or any of the other Loan Documents, whether held in a personal or representative capacity, and which are based on any act, fact, event or omission or other matter, cause or thing occurring at or from any time prior to and including the date hereof, in all cases of the foregoing in any way, directly or indirectly arising out of, connected with or relating to the Credit Agreement or any other Loan Document and the transactions contemplated thereby, and all other agreements, certificates, instruments and other documents and statements (whether written or oral) related to any of the foregoing (each, a “Claim” and collectively, the “Claims”), in each case, other than Claims arising from Lender Parties’ gross negligence, fraud, or willful misconduct. Each Releasing Party further stipulates and agrees with respect to all Claims, that it hereby waives, to the fullest extent permitted by applicable law, any and all provisions, rights, and benefits conferred by any applicable U.S. federal or state law, or any principle of common law, that would otherwise limit a release or discharge of any unknown Claims pursuant to this Section 8.
(b)By its execution hereof, each Loan Party hereby (i) acknowledges and confirms that there are no existing defenses, claims, subordinations (whether equitable or otherwise), counterclaims or rights of recoupment or setoff against the Administrative Agent, the Lenders or any other Secured Parties in connection with the Obligations or in connection with the negotiation, preparation, execution, performance or any other matters relating to the Credit Agreement, the other Loan Documents or this Amendment and (ii) expressly waives any setoff, counterclaim, recoupment, defense or other right that such Loan Party now has against the Administrative Agent, any Lender or any of their respective affiliates, whether in connection with this Amendment, the Credit Agreement and the other Loan Documents, the transactions contemplated by this Amendment or the Credit Agreement and the Loan Documents, or any agreement or instrument relating thereto. 
		
	9.
	Entire Agreement. 

This Amendment, the Credit Agreement (including giving effect to the consents and amendment set forth in Sections 1 and 2 above), the Collateral Agreement (including giving effect to the amendment set forth in Section 3 above) and the other Loan Documents (collectively, the “Relevant Documents”), set forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any 

    
    

party to any other party in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed, modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.
		
	10.
	Full Force and Effect of Credit Agreement.

This Amendment is a Loan Document (and the Borrower and the other Loan Parties agree that the “Obligations” secured by the Collateral shall include any and all obligations of the Loan Parties under this Amendment). Except as expressly modified hereby, all terms and provisions of the Credit Agreement and all other Loan Documents remain in full force and effect and nothing contained in this Amendment shall in any way impair the validity or enforceability of the Credit Agreement or the Loan Documents, or alter, waive, annul, vary, affect, or impair any provisions, conditions, or covenants contained therein or any rights, powers, or remedies granted therein. This Amendment shall not constitute a modification of the Credit Agreement or any of the other Loan Documents or a course of dealing with Administrative Agent or the Lenders at variance with the Credit Agreement or the other Loan Documents such as to require further notice by Administrative Agent or any Lender to require strict compliance with the terms of the Credit Agreement and the other Loan Documents in the future, except in each case as expressly set forth herein. The Borrower acknowledges and expressly agrees that Administrative Agent and the Lenders reserve the right to, and do in fact, require strict compliance with all terms and provisions of the Credit Agreement and the other Loan Documents (subject to any qualifications set forth therein), as amended herein.
		
	11.
	Counterparts; Effectiveness. 

This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Except as provided in Section 5 above, this Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Amendment by facsimile, electronic email or other electronic imaging means (e.g., “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Amendment.
		
	12.
	Governing Law; Jurisdiction; Waiver of Jury Trial. 

THIS AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Sections 10.04, 10.14 and 10.15 of the Credit Agreement are hereby incorporated by herein by this reference.
		
	13.
	Severability. 

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

    
    

illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
		
	14.
	References. 

All references in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement and each reference to the “Credit Agreement”, (or the defined term “Agreement”, “thereunder”, “thereof” of words of like import referring to the Credit Agreement) in the other Loan Documents shall mean and be a reference to the Credit Agreement as amended hereby and giving effect to the amendments contained in this Amendment. All references in the Collateral Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Collateral Agreement and each reference to the “Collateral Agreement”, (or the defined term “Agreement”, “thereunder”, “thereof” or words of like import referring to the Collateral Agreement) in the other Loan Documents shall mean and be referenced to the Collateral Agreement as amended hereby and giving effect to the amendments contained in this Amendment. 
		
	15.
	Successors and Assigns. 

This Amendment shall be binding upon the Borrower, the Lenders and the Administrative Agent and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Lenders and the Administrative Agent and the respective successors and assigns of the Borrower, the Lenders and the Administrative Agent.
		
	16.
	Lender Acknowledgment. 

Each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender, unless the Administrative Agent shall have received notice from such Lender prior to the proposed Amendment No. 6 Effective Date specifying its objection thereto.
		
	17.
	Amendments.  

 
This Amendment may be amended, supplemented or otherwise modified only by a written agreement signed by the Borrower, the other Loan Parties, the Administrative Agent and the Required Lenders and none of the provisions hereof may be waived without the prior written consent of the Administrative Agent and the Required Lenders.
[Signature pages follow]

    
    

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

BABCOCK & WILCOX ENTERPRISES, INC.

/s/ Orville Lunking
 __________________________________________
Name:  Orville Lunking
Title:    Vice President & Treasurer

Acknowledged and Agreed for purposes of Sections 1, 2, 3, 4, 7 and 8 of the Amendment:

AMERICON EQUIPMENT SERVICES, INC.
AMERICON, LLC
BABCOCK & WILCOX CONSTRUCTION CO., LLC
BABCOCK & WILCOX EBENSBURG POWER, LLC  
BABCOCK & WILCOX EQUITY INVESTMENTS, LLC
BABCOCK & WILCOX HOLDINGS, LLC
BABCOCK & WILCOX INDIA HOLDINGS, INC.
BABCOCK & WILCOX INTERNATIONAL SALES AND SERVICE CORPORATION
BABCOCK & WILCOX INTERNATIONAL, INC.
BABCOCK & WILCOX MEGTEC HOLDINGS, INC.
BABCOCK & WILCOX MEGTEC, LLC
BABCOCK & WILCOX POWER GENERATION GROUP CANADA CORP.
BABCOCK & WILCOX SPIG, INC.
BABCOCK & WILCOX TECHNOLOGY, LLC
BABCOCK & WILCOX UNIVERSAL, INC.
DELTA POWER SERVICES, LLC
DIAMOND OPERATING CO., INC.
DIAMOND POWER AUSTRALIA HOLDINGS, INC.
DIAMOND POWER CHINA HOLDINGS, INC.  
DIAMOND POWER EQUITY INVESTMENTS, INC.
DIAMOND POWER INTERNATIONAL, LLC
DPS ANSON, LLC

/s/ Robert P. McKinney
 __________________________________________
Name:  Robert P. McKinney
Title:    Assistant Secretary

    
    

DPS BERLIN, LLC
DPS CADILLAC, LLC
DPS FLORIDA, LLC
DPS GREGORY, LLC
DPS MECKLENBURG, LLC
DPS PIEDMONT, LLC 
EBENSBURG ENERGY, LLC
MEGTEC ENERGY & ENVIRONMENTAL LLC 
MEGTEC INDIA HOLDINGS, LLC
MEGTEC SYSTEMS AUSTRALIA INC.
MEGTEC TURBOSONIC INC.
MEGTEC TURBOSONIC TECHNOLOGIES, INC. 
MTS ASIA, INC.
O&M HOLDING COMPANY
PALM BEACH RESOURCE RECOVERY CORPORATION
POWER SYSTEMS OPERATIONS, INC.
SOFCO EFS HOLDINGS LLC
THE BABCOCK & WILCOX COMPANY
UNIVERSAL AET HOLDINGS, LLC
UNIVERSAL SILENCER MEXICO II, LLC
UNIVERSAL SILENCER MEXICO, LLC

/s/ Robert P. McKinney
 __________________________________________
Name:  Robert P. McKinney
Title:    Assistant Secretary
 
EBENSBURG INVESTORS LIMITED PARTNERSHIP

By: BABCOCK & WILCOX EBENSBURG POWER,             LLC, as General Partner

/s/ Robert P. McKinney
 __________________________________________
Name:  Robert P. McKinney
Title:    Assistant Secretary

EXHIBIT 10.4

Administrative Agent: 

BANK OF AMERICA, N.A., as Administrative Agent

/s/ Bridgett J. Manduk Mowry
__________________________________________ 
Name: Bridgett J. Manduk Mowry 
Title:  Vice President

    
    

Lenders: 

BANK OF AMERICA, N.A., as Lender and Swing Line Lender

/s/ Stefanie Tanwar
______________________________________ 
Name: Stefanie Tanwar 
Title:  Director

    
    

THE BANK OF NOVA SCOTIA, as Lender 

/s/ Justin Mitges
______________________________________ 
Name: Justin Mitges 
Title:  Senior Manager

/s/ John Pagazani
_____________________________________
Name:  John Pagazani
Title:  Director

    
    

CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as Lender

/s/ Yurly A. Tsyganov
__________________________________________
Name: Yurly A. Tsyganov
Title:   Director

/s/ Kathleen Sweeney
___________________ _____________________
Name: Kathleen Sweeney
Title:   Managing Director

    
    

COMPASS BANK dba BBVA COMPASS, as Lender

/s/ Bruce Bingham
__________________________________________
Name: Bruce Bingham
Title:   Vice President

    
    

BNP Paribas, as Lender

/s/ Joseph Mack
__________________________________________
Name: Joseph Mack
Title:   Vice President

/s/ Mary-Ann Wong
__________________________________________
Name: Mary-Ann Wong
Title:   Vice President

    
    

CITIZENS BANK OF PENNSYLVANIA, as Lender

/s/ David W. Stack
__________________________________________
Name: David W. Stack
Title:   Senior Vice President

    
    

Hancock Whitney Bank, as Lender

/s/ Eric K. Sander
__________________________________________
Name: Eric K. Sander
Title:   Vice President

    
    

JPMorgan Chase Bank, N.A., as Lender

/s/ Patricia S. Capen
__________________________________________
Name: Patricia S. Carpen
Title:   Executive Director

    
    

The Northern Trust Co., as Lender

/s/ Robert P. Veltman
__________________________________________
Name: Robert P. Veltman
Title:   Vice President

    
    

PNC Bank, National Association, as Lender

/s/ Mark Starnes
__________________________________________
Name: Mark Starnes
Title:   Vice President

    
    

TD Bank, N.A., as Lender

/s/ Bethany H. Buitenhuys
__________________________________________
Name: Bethany H. Buitenhuys
Title:   Vice President

    
    

UniCredit AG New York Branch, as Lender

/s/ Michael D. Novellino
__________________________________________
Name: Michael D. Novellino
Title:   Director

/s/ Scott Obeck
__________________________________________
Name: Scott Obeck
Title:   Director

    
    

Wells Fargo Bank, N.A., as Lender

/s/ Reginald T. Dawson
__________________________________________
Name: Reginald T. Dawson
Title:   Senior Vice PresidentExhibit

Exhibit 10.5

BABCOCK & WILCOX
ENTERPRISES, INC.
 EXECUTIVE SEVERANCE PLAN

Effective as of June 1, 2015

Revised Effective June 1, 2018

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
2.4    -    Termination of Benefits for Breach of General Release    4
    
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 Babcock & Wilcox Enterprises, Inc. Executive Severance Plan (the “Plan”) has been established by The Babcock & Wilcox Company (the “Plan Sponsor”) effective June 1, 2015 (the “Effective Date”), and has been revised effective June 1, 2018.
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 the Effective Date and ending on December 31, 2015.  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 or she has signed an agreement that is no longer subject to revocation prepared by the Plan Sponsor which contains 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 Participant non-compete, nondisclosure, non-disparagement and non-solicitation covenants.

		
	(a)
	Salary continuation, to begin as soon as administratively practicable after the Participant’s date of termination of employment and the revocation period described in the general release, equal to 52 weeks base salary as in effect on the date of termination, net of applicable tax withholding.

		
	(b)
	 Payment of the employer share of the “Applicable Premium” for three 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, provided that Participant is eligible for and elects Continuation Coverage in accordance with COBRA. (The Participant will be responsible for the balance of the Applicable Premium during the three month period, and will be responsible for the entire premium thereafter).

		
	(c)
	  Access to employer-paid outplacement services for the twelve (12) month period beginning on the expiration of the general 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 or her Qualified Beneficiaries shall be 18 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 termination 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 

3

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 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.

2.4  Termination of Benefits for Breach of General Release

If a Participant breaches his obligations pursuant to the General Release, including but not limited to restrictive covenants contained, incorporated or referenced within, the Plan Sponsor or Participating Employer reserves the right to terminate the payment of severance benefits.
  

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 

4

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.

		
	4.3
	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:

5

		
	(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 

		
	(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 any time.  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 

6

required or permitted by law, affect benefits payable to Plan participants prior to the date of amendment or termination.

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 estoppel against the enforcement of any provision of the Plan, except by written instrument of the party charged with such waiver or estoppel.  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 

7

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.

		
	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 June 1, 2018, the following are the Participating Employers:

		
	•
	Babcock & Wilcox Construction Co., LLC

		
	•
	Diamond Power International, Inc.

		
	•
	Babcock & Wilcox MEGTEC, LLC

		
	•
	Babcock & Wilcox Power Generation Group Canada Corp.

		
	•
	Americon Equipment Services, Inc.

		
	•
	Americon, Inc.

		
	•
	Delta Power Services, LLC

		
	•
	Palm Beach Resource Recovery Corporation

		
	•
	Power Systems Operations, Inc.

		
	•
	Babcock & Wilcox Universal, Inc.

		
	•
	Babcock & Wilcox SPIG, Inc.

		
	•
	Babcock & Wilcox Enterprises, Inc.

.

9

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