Document:

Form of Non-Plan Option Agreement

 Exhibit 4.9 
 VALUEVISION MEDIA, INC. 
 NON-QUALIFIED STOCK OPTION AGREEMENT

  

			
	Full Name of Optionee:
		
	No. of Shares Covered:	  	Date of Grant:
		
	Exercise Price Per Share:	  	Expiration Date:
		
	 Exercise Schedule:
	  	

  

			
	 Initial Date
 of Exercisability
	 	 No. of Shares
 As to Which Option
 Becomes Exercisable

as of Such Date

 This is a Stock Option Agreement (the “Agreement”) between ValueVision Media, Inc., a Minnesota corporation
(the “Company”), and the optionee identified above (the “Optionee”). 
 BACKGROUND

 A. As an inducement to Optionee to enter into employment with the Company, the Company has determined to grant Optionee a
non-statutory stock option (the “OPTION”) upon the terms and subject to the conditions set forth in this Agreement. 

B. The Company maintains the ValueVision Media, Inc. 2004 Omnibus Stock Plan, as amended (the “Plan”). Although shares are not
being issued under the Plan by this Agreement, unless the context indicates otherwise, capitalized terms that are not defined in this Agreement shall have the meaning set forth in the Plan as it currently exists or as it is amended in the future.

 C. The Company hereby grants the Option to the Optionee under the following terms and conditions. 

TERMS AND CONDITIONS 
 1. Grant. The Optionee is granted on the date of grant specified above the Option to purchase the number of shares of the Company’s Common Stock (“Shares”) specified at the
beginning of this Agreement. 
 2. Exercise Price. The price to the Optionee of each Share subject to the Option will be the
exercise price specified at the beginning of this Agreement. 
 3. Non-Statutory Stock Option. The Option is not intended to be an
“incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 4. Exercise Schedule. The Option will vest and become exercisable as to the number of Shares and on the dates specified in the exercise schedule at the beginning of this Agreement. The
exercise schedule will be cumulative; thus, to the extent the Option has not already been exercised and has not expired, terminated or been cancelled, the Optionee or the person otherwise entitled to exercise the Option as provided herein may at any
time, and from time to time, purchase all or any portion of the Shares then purchasable under the exercise schedule. The Option may also be exercised in full (notwithstanding the exercise schedule) under the circumstances described in Section 8
of this Agreement if it has not expired prior thereto. 

 5. Expiration. The right to exercise this Option with respect to the shares covered hereunder
shall expire at 4:00 p.m. Central Time on the earliest of: 
 (a) The expiration date specified at the beginning
of this Agreement for the applicable portion of covered shares; 
 (b) The last day of the period as of or
following the termination of Optionee as an employee of the Company or an Affiliate, during which this Option can be exercised (as specified in Section 7 hereof); or 

(c) The date (if any) fixed for cancellation pursuant to Section 8 of this Agreement. 

In no event may anyone exercise this Option, in whole or in part, after it has expired, notwithstanding any other provision of this Agreement.

 6. Procedure To Exercise Option. 
 Notice of Exercise. The Option may be exercised by delivering written notice of exercise to the Company at the principal executive office of the Company, to the attention of the Company’s
Secretary, in the form attached to this Agreement. The notice will state the number of Shares to be purchased, and will be signed by the person exercising the Option. If the person exercising the Option is not the Optionee, that person also must
submit appropriate proof of the right to exercise the Option. 
 Tender of Payment. Upon giving notice of any exercise
hereunder, the Optionee will provide for payment of the purchase price of the Shares being purchased through one or a combination of the following methods: 
  

	 	(a)	cash (including check, bank draft or money order); or 

  

	 	(b)	to the extent permitted by law, through a broker-assisted cashless exercise in which the Optionee simultaneously exercises the Option and sells all or a portion of the
Shares thereby acquired pursuant to a brokerage or similar relationship and uses the proceeds from such sale to pay the purchase price of such Shares. 

 The Optionee will not be permitted to pay any portion of the purchase price with Shares, or by authorizing the Company to retain Shares upon exercise of the Option, unless the Human Resources and
Compensation Committee (the “Committee”) of the Board of Directors (the “Board”), in its sole discretion, determines that payment in such manner is desirable. 

Delivery of Certificates. As soon as practicable after the Company receives the notice and purchase price provided for above, it
will deliver to the person exercising the Option, in the name of such person, a certificate or certificates representing the Shares being purchased. The Company will pay any original issue or transfer taxes with respect to the issue or transfer of
the Shares and all fees and expenses incurred by it in connection therewith. All Shares so issued will be fully paid and nonassessable. Notwithstanding anything to the contrary in this Agreement, no certificate for Shares distributable under the
this Agreement will be issued and delivered unless the issuance of such certificate complies with all applicable legal requirements including, without limitation, compliance with the provisions of applicable state securities laws, the Securities Act
of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 
 For purposes of this Agreement, “Fair Market Value” as of any date will have the definition as described in the Plan. 
 7. Requirements for Exercise. This Option may be exercised only while the Optionee remains employed with the Company or an Affiliate or is serving as a director or consultant of the Company
or an Affiliate, and only if the Optionee has been continuously in one or more such relationships with the Company or an Affiliate, as the case may be; provided that: 

(a) The Optionee may exercise this Option during the one-hundred eighty (180) day period following termination of his
employment with the Company or an Affiliate, but only to the extent that it was exercisable immediately prior to such termination or as a result of acceleration pursuant to Section 8, and only if the Optionee’s employment was not
terminated for Cause (as defined in Section 13). 
 (b) In the event of Optionee’s Disability (as
defined below) while employed by the Company or an Affiliate, he may exercise this Option during the one-year period following his termination of employment. 
 (c) If the Optionee dies while employed by the Company or an Affiliate, the Optionee’s Successor may exercise this Option during the one-year period following the date the Optionee dies. 

 (d) Subject to Section 8, if the Optionee ceases to be employed by the
Company or an Affiliate after a declaration of a Fundamental Change made pursuant to Section 8 of this Agreement, he may exercise the Option at any time permitted by such declaration. 
 Notwithstanding the above, this Option may not be exercised after its original Expiration Date provided above. 
 “Disability” hereunder shall mean the inability of Optionee to perform on a full-time basis, even with reasonable accommodation(s) that do(es) not impose an undue hardship on the Company’s
business, the essential duties and responsibilities of Optionee’s employment with the Company by reason of illness or other physical or mental impairment or condition, as determined by a physician mutually acceptable to Optionee and the
Company, if such inability continues for an uninterrupted period of 180 days or more during any 365-day period. A period of inability shall be “uninterrupted” unless and until Optionee returns to full-time work for a continuous period of
at least 30 days 
 8. Acceleration Of Vesting. 
 Death or Disability. In the event of the death or Disability of the Optionee, any portion of the Option that was not previously exercisable will become immediately exercisable in full if the
Optionee will have been continuously employed by the Company or an Affiliate or is serving as a director or consultant of the Company or an Affiliate, between the date the Option was granted and the date of such death or Disability. 

Event. The Option may, at the discretion of the Optionee, be exercised in full (notwithstanding the exercise schedule) if an Event
(as defined in the Plan) has occurred. 
 Fundamental Change. At least 30 days prior to a Fundamental Change (as defined
in the Plan), the Committee (or the Board) may, but will not be obligated, to declare, and provide written notice to the Optionee of the declaration, that the Option will be canceled at the time of, or immediately prior to the occurrence of, the
Fundamental Change (unless it is exercised prior to the Fundamental Change) in exchange for payment to the Optionee, within ten days after the Fundamental Change, of cash equal to the amount, for each Share covered by the canceled Option, by which
the event proceeds per share (as defined below) exceeds the exercise price per Share covered by the Option. The Option may be exercised in full (notwithstanding the exercise schedule) at any time after such declaration and prior to the time of
cancellation of the Option. The Option, to the extent it has not been exercised prior to the Fundamental Change, will be canceled at the time of, or immediately prior to, the Fundamental Change, as provided in the declaration, and this Agreement
will terminate at the time of such cancellation, subject to the payment obligations of the Company provided in this paragraph. 
 In the case of
a Fundamental Change that consists of the merger or consolidation of the Company with or into any other corporation or statutory share exchange, the Committee (or the Board of Directors), in lieu of the declaration above, may make appropriate
provision for the protection of this Option by the substitution, in lieu of the Option, of an option to purchase appropriate voting common stock or appropriate voting common stock of the corporation surviving any such merger or consolidation or, if
appropriate, the parent corporation of the Company or such surviving corporation. 
 For purposes of the preceding paragraphs, the “event
proceeds per share” is the cash plus the value (as determined by the Committee) of the non-cash consideration to be received per Share by the shareholders of the Company upon the occurrence of the Fundamental Change. 

Discretionary Acceleration. Notwithstanding any other provisions of this Agreement to the contrary, the Committee (or the Board)
may, in its sole discretion, declare at any time that the Option will be immediately exercisable. 
 9. Limitation On Transfer.
During the lifetime of the Optionee, only the Optionee or the Optionee’s guardian or legal representative may exercise the Option. The Option may not be assigned or transferred by the Optionee otherwise than by will or the laws of descent
and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder; provided, however, that the Optionee may transfer the Option to a member
or members of the Optionee’s immediate family (i.e., the Optionee’s children, grandchildren and spouse) or to one or more trusts for the benefit of such family members or partnerships in which such family members are the only partners, if
the Optionee does not receive any consideration for the transfer. The Option held by any such transferee will continue to be subject to the same terms and conditions that were applicable to the Option immediately prior to its transfer and may be
exercised by such transferee as and to the extent that the Option has become exercisable and has not terminated in accordance with the provisions of this Agreement. This Agreement is transferable upon the Optionee’s death to the estate or to
the person who acquires the right to succeed to this Agreement by bequest or inheritance. 

 10. No Shareholder Rights Before Exercise. No person will have any of the rights of a
shareholder of the Company with respect to any Share subject to the Option until the Share actually is issued to such person upon exercise of the Option. 
 11. Discretionary Adjustment. In the event of any reorganization, merger, consolidation, recapitalization, liquidation, reclassification, stock dividend, stock split, combination of shares,
rights offering, or extraordinary dividend or divestiture (including a spin-off), or any other change in the corporate structure or Shares of the Company, the Committee or the Board (or if the Company does not survive any such transaction, a
comparable committee of the Board of Directors or the Board of Directors of the surviving corporation) shall, in its sole discretion without the consent of the Optionee, make such adjustment (or substitution) as it determines in its discretion to be
appropriate as to the number and kind of securities issuable upon exercise of the Option and the exercise price hereof, in order to prevent dilution or enlargement of rights of the Optionee; provided that such adjustment is not less favorable to
Optionee than adjustments made for other holders of stock options of the Company. 
 12. Tax Withholding. 

General Rule. If the Company or any of its affiliates are required to withhold federal, state or local income taxes, or social
security or other taxes, upon the exercise of the Option, the person exercising the Option will, upon exercise and demand by the Company or such affiliate, promptly pay in cash such amount as is necessary to satisfy such requirement prior to receipt
of such Shares; provided, that in lieu of all or any part of such cash payment, the Committee (or the Board) may (but will not be required to) allow the person exercising the Option to cover all or any part of the required withholdings, and to cover
any additional withholdings up to the amount needed to cover the full federal, state and local income tax obligation of such person with respect to income arising from the exercise of the Option, through a reduction of the number of Shares delivered
or through a subsequent return to the Company of Shares delivered, in each case valued in the same manner as used in computing the withholding taxes under applicable laws. 
 Committee (or Board) Approval; Revocation. The Committee or the Board may approve an election under this section to reduce the number of Shares delivered in advance, but the approval is subject to
revocation by the Committee or the Board at any time. Once the person exercising the Option makes such an election, he or she may not revoke it. 
 Exception. Notwithstanding the foregoing, if the Optionee tenders previously owned Shares to the Company in payment of the purchase price of Shares in connection with an option exercise the
Optionee may also tender previously owned Shares to the Company in satisfaction of any tax withholding obligations in connection with such option exercise. If the Company or an affiliate of the Company is required to withhold federal, state or local
income taxes, or social security or other taxes, upon the exercise of the Option, the person exercising the Option will, upon exercise and demand by the Company or such affiliate, promptly pay in cash such amount as is necessary to satisfy such
requirement. 
 13. Forfeitures. If the Committee determines that the Optionee has (a) committed a material violation of any
applicable written policies of the Company or any of its Affiliates or any provision of a written employment agreement between Optionee and the Company or any of its Affiliates; or (b) has engaged in public conduct reflecting dishonesty or
disloyalty to the Company or any of its Affiliates which is materially detrimental to the reputation of the Company; or (c) the Optionee’s employment with the Company (or an Affiliate of the Company) was terminated for Cause, then, and in
each event, the Company, by action of the Committee, will have the right and option (the “Forfeiture Rights”) (x) to terminate this Option prior to exercise, and (y) to the extent that Optionee has exercised the Option
prior to the date of such determination by the Committee, to require that the Option return or forfeit the Shares or the economic value of the Shares as of the date of such exercise, payable by the Optionee in cash. The Company shall be entitled to
set off any such cash amount against any amount owed to the Optionee by the Company. 
 The decision to exercise the Company’s Forfeiture
Rights under this Section 13 will be based solely on the judgment of the Committee, in its sole and complete discretion, given the facts and circumstances of each particular case. The Forfeiture Rights may be exercised by the Committee within
90 days after the Committee’s discovery of an occurrence that entitles it to exercise its Forfeiture Rights (but in no event later than 15 months after the Optionee’s termination of employment with the Company or its Affiliates). The
Forfeiture Rights will be deemed to be exercised effective immediately upon the Company’s mailing written notice of such exercise postage prepaid, addressed to the Optionee at the Optionee’s most recent home address as shown on the
personnel records of the Company. 

 “Cause” hereunder shall mean: (i) a material act or act of fraud which results in or is
intended to result in Optionee’s personal enrichment at the expense of Company, including without limitation, theft or embezzlement from Company; (ii) public conduct by Optionee materially detrimental to the reputation of Company,
(iii) material violation by Optionee of any written Company policy, regulation or practice; (iv) Optionee’s willful or grossly negligent failure to adequately perform the duties of Optionee’s position to the material detriment of
the Company; (v) commission of conduct constituting a felony; (vi) habitual intoxication, drug use or chemical substance use by any intoxicating or chemical substance; or (vii) Optionee continues to materially fail to perform
Optionee’s essential job functions, or engages in excessive absenteeism unrelated to illness or permitted vacation, ten (10) days after a written demand for performance is delivered to Optionee by the Board or its representative, which
written demand specifically identifies the manner in which the Board believes that Optionee has not performed Optionee’s duties. 
 14.
Incorporation by Reference of Plan and Interpretation Of This Agreement. This Option is not granted pursuant to the Plan. However, the provisions of the Plan and the definitions of terms defined in the Plan shall apply to this Option
and be binding upon the Company and the Optionee as if this Option were granted pursuant to the Plan. The terms and conditions of the Plan, as in effect on the date of this Agreement, an electronic copy of which has been delivered to Optionee, are
hereby incorporated herein and made a part hereof by reference as if set forth in full. All decisions and interpretations made by the Committee with regard to any question arising hereunder or under the Plan will be binding and conclusive upon the
Company and the Optionee. If there is any inconsistency between the provisions of this Agreement and the Plan, the provisions of the Plan shall govern. If there is any inconsistency between the provisions of this Agreement and a written employment
agreement between Optionee and the Company or any of its Affiliates, the provisions of this Agreement shall govern. Any capitalized term used herein which is defined in the Plan has the same meaning as set forth therein as of the date hereof.

 15. Other Benefit And Compensation Programs. Payments and other benefits received by the Optionee pursuant to this Agreement
will not be deemed a part of the Optionee’s regular, recurring compensation for purposes of the termination, indemnity or severance pay laws of any country and will not be included in, nor have any effect on, the determination of benefits under
any other employee benefit plan, contract or similar arrangement provided by the Company or an affiliate of the Company unless expressly so provided by such other plan, contract or arrangement. 

16. Discontinuance Of Employment. This Agreement will not give the Optionee a right to continued employment with the Company or an
Affiliate, and the Company or any Affiliate employing the Optionee may terminate the Optionee’s employment in accordance with the provisions of any applicable agreements or contracts with Optionee, if any and if in effect, or otherwise at any
time and otherwise deal with the Optionee without regard to the effect it may have upon the Optionee under this Agreement. 
 17.
Obligation To Reserve Sufficient Shares. The Company will at all times during the term of the Option reserve and keep available a sufficient number of Shares to satisfy this Agreement. 

18. Binding Effect. This Agreement will be binding in all respects on the heirs, representatives, successors and assigns of the Optionee.

 19. Choice Of Law. This Agreement is entered into under the laws of the State of Minnesota and will be construed and
interpreted thereunder (without regard to its conflict of law principles). 
 20. Severability. The invalidity, unenforceability
or illegality of any provision herein will not affect the validity, enforceability or legality of any other provision. 
 21.
Construction. The Option will not be construed or interpreted with any presumption against the Company by reason of the Company drafting this Agreement. 

 The Optionee and the Company have executed this Agreement as of the Effective Date.

  

									
	VALUEVISION MEDIA, INC.	 		 	OPTIONEE
					
	By:	 	 	 		 		 	 
	Name:	 	 	 		 		 	         [Name of Optionee]

	Its:	 	 	 		 		 	

  

                    , 20__ 

VALUEVISION MEDIA, INC. 
 6740 Shady Oak
Road 
 Eden Prairie, Minnesota 55344 

Attention: Secretary 
 Ladies and Gentlemen:

 I hereby exercise the following option (the “OPTION”) granted to me pursuant to the agreement (the “OPTION
AGREEMENT”) referenced below with respect to the number of shares of Common Stock of ValueVision Media, Inc. (the “COMPANY”) indicated below: 
  

			
	Name:	 	________________________________________
		
	Date of Grant of Option:	 	________________________________________
		
	Exercise Price Per Share:	 	________________________________________
		
	Number of Shares With Respect to Which the Option is Hereby Exercised:	 	________________________________________
		
	Total Exercise Price:	 	________________________________________

  ̈ Enclosed with this letter is a check, bank draft or
money order in the amount of the Total Exercise Price. 
  ̈ I hereby agree
to pay the Total Exercise Price within five business days of the date hereof and, as stated in the attached Broker’s Letter, I have delivered irrevocable instructions to
                                         
    to promptly deliver to the Company the amount of sale or loan proceeds from the Shares to be issued pursuant to this exercise necessary to satisfy my obligation hereunder to pay the Total Exercise Price. 

 ̈ I elect to pay the Total Exercise Price through a reduction in the number of Shares
delivered to me upon this exercise of the Option as provided in the Option Agreement. 
 I agree that I will pay any
required withholding taxes in connection with this exercise as provided in the Plan. 

 Please issue a certificate (the “Certificate”) for the number of Shares
with respect to which the Option is being exercised in the name of the person indicated below and deliver the Certificate to the address indicated below: 
 Name in Which to Issue Certificate:________________________________________________________________ 
 Address to Which Certificate 
 Should be
Delivered:____________________________________________________________________________ 
 Principal Mailing Address for 

Holder of the Certificate 
 (if
different from above):_________________________________________________________________________ 
 Very truly yours,

 ______________________________ 
 Signature 
 ______________________________ 

Name, please print 
 ______________________________ 
 Social Security Number 

______________________________ 

 Attachment A 
                     , 20__ 
 VALUEVISION MEDIA, INC. 
 6740 Shady Oak Road 

Eden Prairie, Minnesota 55344 
 Attention:
Secretary 
 Ladies and Gentlemen: 
  

			
	Name of Optionee:	 	 _______________________________

		
	Date of Grant of Option:	 	 _______________________________

		
	Exercise Price Per Share:	 	 _______________________________

		
	Number of Shares With Respect to Which the Option is to be Exercised:	 	 _______________________________

		
	Total Exercise Price:	 	 _______________________________

 The above Optionee has requested that we finance the exercise of the above Option to purchase Shares of
Common Stock of ValueVision Media, Inc. (the “COMPANY”) and has given us irrevocable instructions to promptly deliver to the Company the amount of sale or loan proceeds from the Shares to be issued pursuant to such exercise to satisfy the
Optionee’s obligation to pay the Total Exercise Price. 
  

			
	Very truly yours,
	
	 
	Broker Name
		
	ByConsulting Agreement

 Exhibit 10.1 
 THE BABCOCK & WILCOX COMPANY 
 CONSULTING AGREEMENT

 THIS CONSULTING AGREEMENT (the “Agreement”) is made by and between The Babcock & Wilcox
Company, a corporation incorporated under the laws of the State of Delaware (“B&W”), and Michael S. Taff, an individual (“Mr. Taff”), as of June 29, 2011 (the “Effective Date”). 

WHEREAS, Mr. Taff presently serves as Senior Vice President and Chief Financial Officer of B&W and has elected to
terminate his employment with B&W in accordance with the Restructuring Transaction Retention Agreement by and between Mr. Taff and McDermott International, Inc. dated as of December 10, 2009 and assumed by B&W (the
“Restructuring Transaction Retention Agreement”); and 
 WHEREAS, B&W desires to engage the services of
Mr. Taff following the exercise of his rights under the Restructuring Transaction Retention Agreement to elect to terminate his employment and pending the search for a successor as chief financial officer, and Mr. Taff desires to provide
such services. 
 NOW, THEREFORE, the parties agree as follows: 

 

	 	1.	Description of Services. 

 a. Mr. Taff agrees to perform financial services for B&W during the Consulting Term (as defined in Section 8). Except as otherwise provided herein, Mr. Taff will have the title of
Senior Vice President & Chief Financial Officer, and perform those tasks generally requested of him by B&W’s President and Chief Executive Officer. As requested by B&W’s Chief Executive Officer, Mr. Taff agrees to
support and provide assistance in B&W’s search for another Chief Financial Officer. If B&W appoints another person as B&W’s Chief Financial Officer during the Consulting Term, Mr. Taff’s title will change to Senior
Vice President. If and when Mr. Taff’s title changes to Senior Vice President, he will use his reasonable best efforts to perform all services necessary to transition the new Chief Financial Officer into his or her position. During the
Consulting Term, Mr. Taff will serve as an officer and/or director of B&W’s subsidiaries and Affiliates (as defined in Section 6), as requested by B&W. The services described in this Section 1a are collectively referred
to as the “Services.” 
 b. Following B&W’s appointment of another person as its Chief Financial Officer, at
the written request of B&W’s Chief Executive Officer or Chief Financial Officer, Mr. Taff agrees to (a) cooperate with B&W in the preparation and reporting of its quarterly and/or annual financial statements in respect of any
period in which Mr. Taff was Chief Financial Officer and (b) execute and deliver any certifications, representation letters and other documents as B&W may reasonably request from time to time in connection with the preparation and/or
reporting of such financial statements, including, without limitation, representations to the Chief Executive Officer and Chief Financial Officer substantially similar in form and substance to the representations provided by B&W and its
executive officers to B&W’s external auditors. Following the Consulting Term, B&W agrees to pay Mr. Taff $5,200.00 for each day in which Mr. Taff provides, at the written request of B&W’s Chief Executive Officer or
Chief Financial Officer, such assistance. 
 c. Notwithstanding anything herein to the contrary, following the earlier to occur
of (i) B&W’s appointment of another person as its Chief Financial Officer or (ii) the termination of the Consulting Term, Mr. Taff will not be required to execute or deliver any certifications required by

  
 Page 1

 
(i) Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (ii) Rules 13a-14(b) and 15d-14(b) of the Exchange Act and
Section 1350 of Chapter 63 of Title 18 of the United States Code, in each case with respect to the Company’s quarterly and/or annual financial statements. 
  

	 	2.	Status. Mr. Taff acknowledges and agrees that at all times during the Consulting Term when Mr. Taff is providing Services to B&W and
B&W’s subsidiaries and Affiliates (collectively, “Company”), Mr. Taff is an independent contractor and not an “employee” (or person of similar status) of the Company for purposes of: (1) the Internal Revenue
Code of 1986, as amended (hereinafter “Code”); and (2) participation in any employee benefit plans of the Company. The Company does not have any right to control and direct Mr. Taff, not only as to the result to be accomplished
by the services provided for herein, but also as to the details and means by which the result is accomplished. Mr. Taff acknowledges that he is waiving the right to participation in the Company’s benefit plans, including fringe benefit
plans or other similar plans, and the right to any other benefit or item of compensation not expressly provided for herein that is provided to employees of the Company. Mr. Taff acknowledges that he will not be paid any “wages” (as
defined in the Code) hereunder and that he shall be solely responsible for all taxes, including income and employment taxes, imposed on him by reason of any compensation, benefits or other amounts payable hereunder, and will report such compensation
as earnings from self-employment. Mr. Taff shall not be subject to any established work schedule or routine or other supervision of or direction by B&W, as to hours worked or otherwise, notwithstanding that all the Services rendered
hereunder shall be so rendered to the satisfaction of B&W and in compliance with applicable B&W policies and procedures. Notwithstanding any other provision in this Agreement, the retirement and other benefits that Mr. Taff may be
entitled to as a result of his previous employment with B&W, including any benefits under the Restructuring Transaction Retention Agreement, shall continue in accordance with the terms and conditions of each respective benefit plan or other
program. 

  

	 	3.	Indemnity. Mr. Taff shall indemnify, defend and hold harmless the Company, its officers, directors, employees and agents, of and from all claims,
suits, liabilities, damages or expenses relating to any liabilities incurred by the Company as a result of Mr. Taff’s failure to pay income and other taxes. For the avoidance of doubt, Mr. Taff shall have no obligation under the
foregoing indemnity resulting from the failure of B&W to satisfy its own tax obligations. 

  

	 	4.	Contact and Location. Mr. Taff shall take general direction from B&W’s Chief Executive Officer in connection with the Services. The parties
agree that the Services are to be performed principally from B&W’s headquarters in Charlotte, North Carolina. During the Consulting Term, B&W will make available to Mr. Taff an office and staff personnel in Charlotte as
Mr. Taff may require to perform his duties hereunder. Mr. Taff may perform some of the Services remotely from his home in Houston, Texas as long as the Services are being performed effectively, as reasonably determined by the Chief
Executive Officer. 

  

	 	5.	 Compensation. During the Consulting Term, B&W agrees to pay Mr. Taff $112,629.00 per month, payable in two equal installments on
the 15th and last day of each month. Partial months will
be prorated, however, the parties agree that the prorated payment for July 2011 will be included in the first payment paid in August 2011. In addition, B&W shall reimburse Mr. Taff any reasonable out-of-pocket business expenses incurred in
connection with performing the Services during the Consulting Term (or thereafter in accordance with the last sentence of 

  
 Page 2

	 	 
Section 1b), each within 30 days after Mr. Taff provides written documentation that such expenses have been incurred, but in no event will be paid later than March 15 of the
calendar year following the calendar year in which such expenses were incurred. B&W further agrees to provide for Mr. Taff’s use in Charlotte during the Consulting Term: (1) a furnished apartment (not to exceed a cost of $3,200
per month, inclusive of utilities and housekeeping); and (2) a car (not to exceed a cost of $900 per month). Notwithstanding anything else herein to the contrary, B&W shall not pay or reimburse Mr. Taff for any more than two
(2) round trip flights to or from Houston, Texas per month. 

  

	 	6.	Non-Disclosure and Non-Solicitation. Mr. Taff acknowledges that he has previously received and, during the Consulting Term, will continue to receive
new and different confidential and trade secret information which includes, but is not limited to any and all information, data and knowledge that has been created, discovered, developed or otherwise become known to the Company or in which property
rights have been assigned or otherwise conveyed to the Company, which information, data or knowledge has commercial value in the business in which the Company or its ventures is engaged, including without limitation (a) information regarding
plans for research, development, new products, marketing and selling, business plans, budgets and unpublished financial statements, suppliers and customers and (b) information regarding internal cost structure and allocation, pricing
methodologies and bidding processes (collectively, “Confidential Information”). Confidential Information shall not include any information, data or knowledge that is or becomes generally known or available to the public without any breach
of confidentiality by Mr. Taff or a third party. Mr. Taff agrees to maintain all Confidential Information in strict confidence and will not disclose or make available to any other person or entity, or use for any reason other than in the
performance of the Services under this Agreement, any Confidential Information, except for such disclosures as may otherwise be required by law or legal process (in which case Mr. Taff, if legally permissible, shall notify B&W in writing of
such legal or judicial proceeding as soon as practicable but prior to disclosure following his receipt of notice of such a proceeding, and permit B&W to seek to protect its interests and information at its sole cost and expense). For purposes of
this Agreement, the term “Affiliate” means an Affiliate of B&W within the meaning of Rule 12b-2 promulgated under Section 12 of the Exchange Act. During the Consulting Term and for a period of one-year thereafter, Mr. Taff
will not, whether on Mr. Taff’s own behalf or on behalf of or in conjunction with any other individual or entity, directly or indirectly: (1) solicit or encourage any employee of the Company to leave the employment of the Company;
(2) hire any such employee who was employed by the Company as of the date of the termination of the Consulting Term or who left the employment of the Company coincident with, or within one-year prior to or after, the termination of the
Consulting Term; or (3) directly or indirectly, solicit or encourage to cease to work with the Company any consultant then under contract with the Company. 

 

	 	7.	 B&W Property. All property and information, including, devices, records, data, notes, reports, findings, plans, proposals, lists,
correspondence, specifications, drawings, blueprints, sketches, materials, equipment, customer or client lists or information, cost, pricing and bidding information, business plans or any other documents or property, in whatever medium stored
(including all reproductions of the aforementioned items) obtained by Mr. Taff or developed in the course of or relating to the Services (the “Property”) shall be and remain the exclusive property of the Company. Mr. Taff agrees
to deliver to B&W (and will not keep in his possession, recreate or deliver to anyone else) all Confidential Information and Property on the termination or expiration of this Agreement, or sooner if requested by B&W in writing. Mr. Taff

  
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shall take all requested actions and execute all requested documents (including any licenses or assignments required by a government contract) at the Company’s sole expense (but without
further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Property. 

 

	 	8.	Term. 

 a.
Mr. Taff shall provide the Services from July 31, 2011 through July 31, 2012, unless the Services are terminated earlier as set forth below in this Section 8 (“Consulting Term”). Notwithstanding the fact that the date
to commence the Services is subsequent to the Effective Date of this Agreement, both B&W and Mr. Taff intend and agree that this Agreement shall be fully binding and in full force and effect from and after the Effective Date. Sections 1b
through 3 and 6 through 11 shall survive any termination of the Consulting Term, the parties’ consulting relationship, and the termination or expiration of this Agreement. 
 b. B&W may terminate the Services and the Consulting Term for any reason upon thirty (30) days advance written notice to Mr. Taff. 

c. Mr. Taff may terminate the Services and the Consulting Term for any reason on ninety (90) days’ advance written notice
to B&W; provided that if B&W appoints another person as Chief Financial Officer, Mr. Taff may terminate the Services and the Consulting Term for any reason on sixty (60) days’ advance written notice to B&W. 

d. Either party to this Agreement may terminate the Services and the Consulting Term immediately on written notice without further
liability or obligation, except as otherwise specified herein, should the other party materially breach this Agreement. 
  

	 	9.	Ethics and Compliance. Mr. Taff acknowledges that he has received B&W’s Code of Business Conduct, including related Company policies and
procedures, and agrees to comply therewith. If B&W reasonably suspects a breach of its Code of Business Conduct, it reserves the right to investigate to determine whether a breach has occurred. During the investigation, B&W may withhold any
payment due to Mr. Taff under this Agreement. B&W may terminate the Services and the Consulting Term without notice or liability if it determines, in its sole discretion, that Mr. Taff breached its Code of Business Conduct or has
engaged in any course of conduct which has, or may reasonably be expected to have, the effect of demeaning the name or business reputation of the Company or affects adversely, or may reasonably be expected to affect adversely, the Company’s
best interests, economic or otherwise. 

  

	 	10.	 Noncompetition and Conflict of Interest. During the Consulting Term, Mr. Taff shall not, directly or indirectly, without the prior
written approval of the Company, act in any capacity for, be employed by, provide services to, or contract with any other company or entity engaged in Competing Services (a “Competitive Entity”), or acquire any interest of any type in any
Competitive Entity; provided, however, that the foregoing shall not be deemed to prohibit Mr. Taff from acquiring, solely as an investment and through market purchases, securities of any Competitive Entity which are registered under
Section 12(b) or 12(g) of the Exchange Act and which are publicly traded, so long as Mr. Taff is not part of any control group of such Competitive Entity and such securities, including converted securities, do not constitute more than one
percent of the outstanding voting power of that entity. For the purposes of this 

  
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Agreement, the phrase “Competing Services” shall mean any services that are the same as or similar to the services currently being provided or offered by the Company and/or which are
provided or offered by the Company during the Consulting Term. Competing Services include but are not limited to the following: (a) power generation systems, including fossil-fired steam generating systems, replacement commercial nuclear steam
generators, environmental equipment, replacement parts and related services; and (b) government operations, including supply of nuclear components to the U.S. Government and various services including uranium processing, environmental site
restoration services and management and operating services for government-owned facilities. During the Consulting Term, Mr. Taff further agrees not to engage in any activity which might reasonably create a conflict of interest between himself
and the Company or which might reasonably and adversely affect his judgment with respect to the business of the Company. 

  

	 	11.	Miscellaneous. 

 a.
Failure on the part of a party to insist on strict compliance by the other with any provision of this Agreement shall not constitute a waiver of obligations in respect thereof. 
 b. This Agreement sets forth the entire understanding of the parties with respect to the matters discussed herein and can be amended or extended only by written agreement signed by both parties.

 c. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns. Neither party may assign its rights or obligations in and to this Agreement without the prior written consent of the other party, which consent may be given or withheld in the sole discretion of such party but may not be
unreasonably delayed. 
 d. The obligations set forth in this Agreement are severable and divisible, and no clause or portion
thereof that is not enforceable shall cause the remainder of such clause or other obligations contained herein to be unenforceable. 
 e. This Agreement shall be construed under and governed by the laws of the State of North Carolina, exclusive of its conflict of laws provisions. 

f. Mr. Taff will, by virtue of his appointment as an officer of the Company, be entitled to the same rights to coverage under the
directors and officers liability and insurance policies and indemnification under the Company’s Bylaws (or analogous governing documents) as are provided to the officers of the Company generally, and the Company shall take all reasonable steps
necessary to give effect to this provision. 
 [SIGNATURES ON THE FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, this Agreement has been duly executed by the parties as of the date
first written above. 
  

							
	THE BABCOCK & WILCOX COMPANY	 		 	MICHAEL S. TAFF
			
	   /s/ Brandon C. Bethards
	 		 	 /s/ Michael S. Taff

	By:	 	Brandon C. Bethards	 		 	
	Title:	 	President & Chief Executive Officer	 		 	

  
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