Document:

Exhibit 4.2

 

Execution Version

 

FIRST SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of February 12, 2021, between Babcock & Wilcox
Enterprises, Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the
Company and the Trustee executed and delivered an Indenture, dated as of February 12, 2021 (the “Base Indenture”,
as supplemented by this Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company
from time to time of Notes to be issued in one or more Series as provided in the Indenture;

 

WHEREAS, Section 9.01
of the Base Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to
the Base Indenture, without the consent of any Holders of Notes, to provide for the issuance of and establish the form and terms
and conditions of the Notes of any Series, as permitted by the Base Indenture;

 

WHEREAS, the
Company desires to execute this Supplemental Indenture, pursuant to the Base Indenture, to provide for the issuance of and establish
the form and terms and conditions of a Series of its senior notes designated as its 8.125% Senior Notes due 2026 (the “Notes”),
in an initial aggregate principal amount of $160,000.000. The Notes are a Series of Notes as referred to in Section 2.02
of the Base Indenture.

 

WHEREAS, the
Company has requested and hereby requests that the Trustee execute and deliver this Supplemental Indenture;

 

WHEREAS, the
execution and delivery of this Supplemental Indenture has been duly authorized by the Company and all things necessary have been
done by the Company to make this Supplemental Indenture, when executed and delivered by the Company, a valid and binding supplement
to the Indenture and agreement of the Company;

 

WHEREAS, all
things necessary have been done by the Company to make the Notes, when executed by the Company and authenticated and delivered
by the Trustee in accordance with the provisions of the Indenture, the valid and binding obligations of the Company; and

 

WHEREAS, all
conditions precedent provided for in the Indenture relating to this Supplemental Indenture have been complied with.

 

NOW, THEREFORE,
in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as
follows:

 

ARTICLE 1

 

APPLICATION OF SUPPLEMENTAL INDENTURE

 

Section 1.01. Application of
Supplemental Indenture.

 

Notwithstanding any
other provision of this Supplemental Indenture, all provisions of this Supplemental Indenture are expressly and solely for the
benefit of the Holders of the Notes, and any such provisions shall not be deemed to apply to any other Notes issued under the Base
Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to
the Notes. Unless otherwise expressly specified, references in this Supplemental Indenture to specific Article numbers or
Section numbers refer to Articles and Sections contained in this Supplemental Indenture and not the Base Indenture or any
other document. All Initial Notes and Additional Notes, if any, shall be treated as a single class for all purposes of the Indenture,
including waivers, amendments, redemptions and offers to purchase.

 

     

     

    

 

ARTICLE 2

 

DEFINITIONS

 

Section 2.01. Certain Terms
Defined in the Indenture.

 

For purposes of this
Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the
Base Indenture.

 

Section 2.02. Definitions.

 

For purposes of this
Supplemental Indenture, the following terms shall have the meanings set forth in this Section 2.02:

 

“Additional
Notes” has the meaning specified in Section 3.02(b) of this Supplemental Indenture.

 

“Appendix”
has the meaning specified in Section 3.01(a) of this Supplemental Indenture.

 

“Base Indenture”
has the meaning specified in the recitals of this Supplemental Indenture.

 

“Company”
has the meaning specified in the preamble of this Supplemental Indenture.

 

“Depositary”
has the meaning specified in Section 3.01(c) of this Supplemental Indenture.

 

“Global Notes”
means the Notes in the form of Global Notes issued to the Depositary or its nominee, substantially in the form of Exhibit A.

 

“Initial Notes”
has the meaning specified in Section 3.02(b) of this Supplemental Indenture.

 

“Maturity
Date” has the meaning specified in Section 3.02(c) of this Supplemental Indenture.

 

“Notes”
has the meaning specified in the recitals of this Supplemental Indenture.

 

“Supplemental
Indenture” has the meaning specified in the preamble of this Supplemental Indenture.

 

“Surviving
Person” has the meaning specified in Section 4.01(a) of this Supplemental Indenture.

 

“Trustee”
has the meaning specified in the preamble of this Supplemental Indenture.

 

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ARTICLE 3

 

FORM AND TERMS OF THE NOTES

 

Section 3.01. Form and
Dating.

 

a)           The
Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached
hereto. The Notes shall be executed on behalf of the Company by an Officer of the Company. The Notes may have notations, legends
or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The
Notes and any beneficial interest in the Notes shall be in minimum denominations of $25 and integral multiples of $25 in excess
thereof.

 

b)            The
terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture, and the Company
and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and
to be bound thereby.

 

c)           Global
Notes and Definitive Notes. The Notes may be issued initially (i) in the form of fully registered Global Notes, which shall
be deposited on behalf of the purchasers of such Notes represented thereby with The Depository Trust Company, New York, New York
(the “Depositary”) or its custodian and registered in the name of Cede & Co., the Depositary’s
nominee, duly executed by the Company and authenticated by the Trustee or (ii) in the form of Definitive Notes (as defined
in the Appendix), registered in the name of a Holder, duly executed by the Company and authenticated by the Trustee. The Global
Notes and the Definitive Notes shall constitute the same Series of Notes.

 

d)           Book-Entry
Provisions. This Section 3.01(d) shall apply only to the Global Notes deposited with or on behalf of the Depositary.
The Company shall execute and the Trustee shall, in accordance with this Section 3.01(d), authenticate and deliver the Global
Notes that shall be registered in the name of the Depositary or a nominee of the Depositary and shall be delivered by the Trustee
to the Depositary or its custodian.

 

e)           Delivery
of Definitive Notes. This Section 3.01(e) shall apply only to the Definitive Notes. The Company shall execute and the
Trustee shall, in accordance with this Section 3.01(e), authenticate and deliver the Definitive Notes that shall be registered
in the name of a Holder or a nominee of such Holder to such Holder or its nominee.

 

f)           Paying
Agent. The Company initially appoints the Trustee as Paying Agent for the payment of the principal of (and premium, if any) and
interest on the Notes and the Corporate Trust Office of the Trustee is hereby designated as the Place of Payment where the Notes
may be presented for payment.

 

g)            Additional
provisions relating to the Notes are set forth in Appendix A attached hereto
(the “Appendix”), which is hereby incorporated into and expressly made a part of this Supplemental Indenture.

 

Section 3.02. Terms of the Notes.

 

The following terms
relating to the Notes are hereby established:

 

a)            Title.
The Notes shall constitute a Series of Notes having the title “8.125% Senior Notes due 2026”.

 

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b)            Principal
Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (the
 “Initial Notes”) shall be $160,000,000. The Company may from time to time, without the consent of the Holders
of Notes, issue additional Notes (in any such case “Additional Notes”) having the same terms as to status, redemption
or otherwise (except the price to public, the issue date and, if applicable, the initial interest accrual date and the initial
interest payment date) that may constitute a single fungible Series with the Initial Notes; provided that if any such Additional
Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will have one or more
separate CUSIP numbers. Any Additional Notes and the Initial Notes shall constitute a single Series under the Indenture and
all references to the Notes shall include the Initial Notes and any Additional Notes unless the context otherwise requires.

 

c)             Maturity
Date. The entire outstanding principal amount of the Notes shall be payable on February 28, 2026 (the “Maturity Date”).

 

d)            Interest
Rate. The rate at which the Notes shall bear interest shall be 8.125% per annum; the date from which interest shall accrue on the
Notes shall be February 12, 2021, or the most recent Interest Payment Date to which interest has been paid or duly provided
for; the Interest Payment Dates for the Notes shall be January 31, April 30, July 31 and October 31 of each
year and on the Maturity Date, beginning April 30, 2021; the interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes (or predecessor
Notes) are registered (which, with respect to the Global Notes, shall initially be the Depositary) at the close of business on
the regular record date for such interest, which shall be January 15, April 15, July 15 or October 15 (whether
or not a Business Day), as the case may be, preceding such Interest Payment Date, and the January 15 immediately preceding
the Maturity Date. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. For so long as
the Notes are represented in global form by one or more Global Notes, all payments of principal (and premium, if any) and interest
shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case may be, as the registered
owner of the Global Note representing such Notes. In the event that Definitive Notes shall have been issued, all payments of principal
(and premium, if any) and interest shall be made by wire transfer of immediately available funds to the accounts of the registered
Holders thereof maintained by the Company and furnished to the Paying Agent; provided, that the Company may elect to make such
payments at the office of the Paying Agent in the City of Chicago; and provided further, that the Company may at its option pay
interest by check to the registered address of each Holder of a definitive Note.

 

e)            Currency.
The currency of denomination of the Notes is United States Dollars. Payment of principal of and interest and premium, if any, on
the Notes shall be made in United States Dollars.

 

f)             Sinking
Fund. The Notes are not subject to any sinking fund.

 

g)             Limited
Default Interest. At the Company’s election, notwithstanding anything to the contrary in Section 6.03 of the Base Indenture,
the sole remedy with respect to an Event of Default due to a failure to comply with reporting requirements under the Trust Indenture
Act or under Section 4.02 below, for the first 180 calendar days after the occurrence of such Event of Default, shall consist
exclusively of the right to receive default interest on the Notes at an additional annual rate equal to (1) 0.25% for the
first 90 calendar days after such default and (2) 0.50% for calendar days 91 through 180 after such default. On the 181st
day after such Event of Default, if such violation is not cured or waived, the Trustee or the Holders of not less than 25% of the
outstanding principal amount of the Notes may declare the principal, together with accrued and unpaid interest, if any, on the
Notes to be due and payable immediately. If the Company chooses to pay such default interest, the Company must notify the Trustee
and the Holders of the Notes by certificate of the Company’s election at any time on or before the close of business on the
first business day following the applicable Event of Default. No other default interest shall be payable with respect to the Notes.

 

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h)            Transfer
and Exchange. Notwithstanding anything to the contrary set forth in the Base Indenture, the Notes shall be issued in registered
form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with the Appendix.
When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested
if its requirements therefor are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal
amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To
permit registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Notes at the Registrar’s
request. The Company may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in connection
with any transfer or exchange pursuant to this Section. The Company shall not be required to make, and the Registrar need not register,
transfers or exchanges of any Notes (i) selected for redemption (except, in the case of Notes to be redeemed in part, the
portion thereof not to be redeemed) (ii) for a period of 15 days before the mailing of a notice of redemption of Notes to
be redeemed or (iii) between a regular record date and the next succeeding interest payment date.

 

Prior to the due presentation
for registration of transfer of any Note, the Company, the Trustee, the Paying Agent and the Registrar may deem and treat the Person
in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and
interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the
Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

All Notes issued upon
any transfer or exchange pursuant to the terms of this Supplemental Indenture shall evidence the same debt and shall be entitled
to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

Section 3.03. Optional Redemption.

 

a)            The
provisions of Article 3 of the Base Indenture, as supplemented by the provisions of this Supplemental Indenture, shall apply
to the Notes.

 

b)              The
Notes shall be redeemable as a whole or in part, at any time and from time to time at the Company’s option (i) on or
after February 28, 2022 and prior to February 28, 2023, at a price equal to $25.75 per $25.00 principal amount of a Note,
plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after February 28, 2023 and prior
to February 29, 2024, at a price equal to $25.50 per $25.00 principal amount of a Note, plus accrued and unpaid interest to,
but excluding, the date of redemption, (iii) on or after February 29, 2024 and prior to February 28, 2025, at a
price equal to $25.25 per $25.00 principal amount of a Note, plus accrued and unpaid interest to, but excluding, the date of redemption,
and (iv) on or after February 28, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus
accrued and unpaid interest to, but excluding, the date of redemption. In each case, redemption shall be upon notice not fewer
than 30 days and not more than 60 days prior to the date of redemption. Such notice may be conditioned upon the consummation of
a financing the proceeds of which are to be utilized to effect the applicable redemption.

 

c)            If
less than all of the Notes are to be redeemed, the particular Notes to be redeemed will be selected not more than 45 days prior
to the redemption date by the Trustee from the outstanding Notes not previously called for redemption, by lot, or in the Trustee’s
discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized
denomination (which will not be less than the minimum authorized denomination) for such Notes. The Trustee will promptly notify
the Company in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the
principal amount thereof to be redeemed.

 

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d)            Unless
the Company defaults on the payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on
the Notes called for redemption.

 

ARTICLE 4

 

CERTAIN COVENANTS

 

The following covenants
shall be applicable to the Company for so long as any of the Notes are outstanding and shall be in addition to, and not in replacement
of, the covenants applicable to the Company under the Base Indenture. Nothing in this Article will, however, affect the Company’s
rights or obligations under any other provision of the Base Indenture or this Supplemental Indenture.

 

Section 4.01. Merger, Consolidation
or Sale of Substantially All Assets. Solely with respect to the Notes:

 

The Company shall not
merge or consolidate with or into any other Person (other than a merger of a wholly owned Subsidiary of the Company into the Company)
or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property (provided that, for the avoidance
of doubt, a pledge of assets pursuant to any secured debt instrument of the Company or its Subsidiaries shall not be deemed to
be any such sale, transfer, lease, conveyance or disposition) in one transaction or series of related transactions unless:

 

a)            the
Company shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the Company)
formed by such merger or consolidation or to which such sale, transfer, lease, conveyance or disposition is made shall be a corporation
or limited liability company organized and existing under the laws of the United States of America, any state thereof or the District
of Columbia;

 

b)          the
Surviving Person (if other than the Company) expressly assumes, by supplemental indenture in form reasonably satisfactory to the
Trustee, executed and delivered to the Trustee by such Surviving Person, the due and punctual payment of the principal of, and
premium, if any, and interest on, all the Notes outstanding, and the due and punctual performance and observance of all the covenants
and conditions of the Indenture to be performed by the Company;

 

c)            immediately
before and immediately after giving effect to such transaction or series of related transactions, no Default or Event of Default
shall have occurred and be continuing; and

 

d)           the
Company or such Surviving Person shall deliver, or cause to be delivered, to the Trustee, an Officer’s Certificate and an
Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this
Section 4.01 and that all conditions precedent in the Indenture relating to such transaction have been complied with.

 

Section 4.02. Reporting.
 Solely with respect to the Notes:

 

If, at any time, the
Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic reports
with the Securities and Exchange Commission, the Company agrees to furnish to Holders and the Trustee, for the period of time during
which the Notes are outstanding, its audited annual consolidated financial statements, within 90 days of its fiscal year end, and
unaudited interim consolidated financial statements, within 45 days of its fiscal quarter end (other than our fourth fiscal quarter).
All such financial statements will be prepared, in all material respects, in accordance with Generally Accepted Accounting Principles,
as applicable.

 

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Delivery of such reports,
information and documents to the Trustee pursuant to this Section 4.02 is for informational purposes only and the Trustee’s
receipt of such shall not constitute actual or constructive knowledge or notice of any information contained therein or determinable
from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on an Officer’s Certificate).

 

Section 4.03. Payment of Taxes.
Solely with respect to the Notes:

 

The Company will pay
or discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental
charges levied or imposed upon the Company or upon the income, profits or property of the Company, except where the failure to
do so would not be reasonably expected to have a material adverse effect on the business, assets, financial condition or results
of operations of the Company; provided, however, that the Company shall not be required to pay or discharge or cause to be paid
or discharged any such tax, assessment or charge whose amount, applicability or validity is being contested in good faith by appropriate
proceedings.

 

Section 4.04. Corporate Existence

 

Solely with respect
to the Notes, Section 4.06 of the Base Indenture is hereby deleted in its entirety and replaced with the following:

 

“Section 4.06
Corporate Existence.

 

Subject to Article 5
hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(a) the
Company’s corporate existence, in accordance with its organizational documents (as the same may be amended from time to
time); and

 

(b) the rights
(charter and statutory), licenses and franchises of the Company;

 

provided, however,
that (i) the Company shall not be required to preserve any such right, license or franchise, or the Company’s corporate
existence, if an Officer shall determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company, and that the loss thereof is not adverse in any material respect to the Holders of the Notes and (ii) the foregoing
limitation shall not limit, restrict or prohibit any transaction that is otherwise permitted pursuant to any credit agreement governing
any credit facilities of the Company.”

 

ARTICLE 5

 

EVENTS OF DEFAULT

 

Section 5.01. Events of Default.

 

Solely with respect
to the Notes, Section 6.01 of the Base Indenture is hereby deleted in its entirety and replaced with the following:

 

“Section 6.01
Events of Default

 

“Event of
Default”, wherever used herein with respect to the Notes means any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

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(1)           default
in the payment of any interest upon any Note when it becomes due and payable, and continuance of such default for a period of 30
days;

 

(2)            default
in the payment of the principal of any Note when due and payable;

 

(3)           default
in the performance, or breach, of any covenant of the Company in this Indenture with respect to the Notes, and continuance of such
default or breach for a period of 60 days after there has been sent to the Company by the Trustee or to the Company and the Trustee
by the Holders of at least 25% in principal amount of the Notes, a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder;

 

(4)            the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable federal or state law, or appointing
a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial
part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order
for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(5)          the
commencement by the Company of a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the
entry of a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable federal
or state bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case
or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
federal or state law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company or of any substantial part of its property,
or the making by the Company of an assignment for the benefit of creditors, or the admission by the Company in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action

 

The Trustee shall not
be deemed to have notice or be charged with knowledge of any Default or Event of Default hereunder unless written notice of such
Default or Event of Default from the Company or by the Holders of at least 25% in aggregate principal amount of the then outstanding
Notes of such Series is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the Notes and this Indenture.”

 

ARTICLE 6

 

MISCELLANEOUS

 

Section 6.01. Trust Indenture
Act Controls.

 

If any provision of
this Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Supplemental
Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Supplemental Indenture modifies
or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be.

 

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Section 6.02. New York Law to
Govern.

 

THE LAWS OF THE STATE
OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 6.03. Counterparts.

 

This Supplemental Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature
pages that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing created
on an electronic platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee,
shall constitute effective execution and delivery of this Supplemental Indenture for all purposes. Signatures of the parties hereto
that are executed by manual signatures that are scanned, photocopied or faxed or by other electronic signing created on an electronic
platform (such as DocuSign) or by digital signing (such as Adobe Sign), in each case that is approved by the Trustee, shall be
deemed to be their original signatures for all purposes of this Supplemental Indenture as to the parties hereto and may be used
in lieu of the original.

 

Anything in the Base
Indenture, this Supplemental Indenture or the Notes to the contrary notwithstanding, for the purposes of the transactions contemplated
by the Base Indenture, this Supplemental Indenture, the Notes and any document to be signed in connection with the Base Indenture,
this Supplemental Indenture or the Notes (including the Trustee’s certificate of authentication on the Notes, amendments,
waivers, consents and other modifications, Authentication Orders, Officer’s Certificates, Company Orders and Opinions of
Counsel and other issuance, authentication and delivery documents) or the transactions contemplated hereby may be signed by manual
signatures that are scanned, photocopied or faxed or other electronic signatures created on an electronic platform (such as DocuSign)
or by digital signature (such as Adobe Sign), in each case that is approved by the Trustee, and contract formations on electronic
platforms approved by the Trustee, and the keeping of records in electronic form, are hereby authorized, and each shall be of the
same legal effect, validity or enforceability as a manually executed signature in ink or the use of a paper-based recordkeeping
system, as the case may be.

 

Section 6.05. Severability.

 

If any provision of
this Supplemental Indenture or the Notes shall be held to be illegal or unenforceable under applicable law, then the remaining
provisions hereof shall be construed as though such invalid, illegal, or unenforceable were not contained therein.

 

Section 6.06. Ratification.

 

The Base Indenture,
as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed. All provisions included in this Supplemental
Indenture supersede any conflicting provisions included in the Base Indenture, unless not permitted by law. The Trustee accepts
the trusts created by the Indenture, as supplemented by this Supplemental Indenture, and agrees to perform the same upon the terms
and conditions of the Base Indenture.

 

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Section 6.07. Effectiveness.

 

The provisions of this
Supplemental Indenture shall become effective as of the date hereof.

 

Section 6.08. Trustee Makes
No Representation.

 

The recitals and statements
contained herein and in the Notes are made solely by the Company and not by the Trustee, and the Trustee assumes no responsibility
for the correctness thereof. The Trustee makes no representation as to the validity, adequacy or sufficiency of this Supplemental
Indenture or the Notes. All rights, protections, privileges, indemnities, immunities and benefits granted or afforded to the Trustee
under the Base Indenture shall be deemed incorporated herein by this reference and shall be deemed applicable to all actions taken,
suffered or omitted to be taken by the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act under this Supplemental Indenture.

 

[Remainder of page intentionally left
blank.]

 

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IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.
	 	 
	 	 
	 	By:	             
	 	Name:
	 	Title:

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
	 	 
	 	 
	 	By:	      
	 	Name:
	 	Title:

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO NOTES

 

1. Definitions

 

1.1 Definitions

 

For the purposes of
this Appendix A the following terms shall have the meanings indicated below:

 

“Definitive Note”
means a certificated Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that
does not include the Global Notes Legend, substantially in the form of Exhibit A to the Supplemental Indenture.

 

“Depositary”
means The Depository Trust Company, its nominees and their respective successors.

 

“Global Note”
means a certificated Note that includes the Global Notes Legend.

 

“Global Notes
Legend” means the Global Note Legends set forth under that caption in Exhibit A to the Supplemental Indenture.

 

“IAI” means
an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.

 

“IAI Notes”
means all Notes offered and sold to IAIs in reliance on Rule 506 of Regulation D promulgated under the Securities Act.

 

“Public Notes”
means all Notes offered and sold in reliance upon an effective registration statement under the Securities Act.

 

“Restricted Definitive
Notes” means Definitive Notes that are required to bear, or are subject to, the Restricted Notes Legend.

 

“Restricted Notes
Legend” means the Restricted Notes Legends set forth under that caption in Exhibit A to the Supplemental Indenture.

 

“Rule 501”
means Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Securities Custodian”
means the custodian with respect to a Global Note (as appointed by the Depositary) or any successor person thereto, who shall initially
be the Trustee.

 

“Transfer Restricted
Notes” means Definitive Notes and any other Notes that bear or are required to bear or are subject to the Restricted Notes
Legend.

 

“Unrestricted
Definitive Notes” means Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend.

 

2. The Notes.

 

2.1 Form and Dating; Global Notes;
Definitive Notes.

 

     

     

    

 

(a) (i) A
portion of the Initial Notes issued on the date hereof will be offered and sold by the Company pursuant to an effective registration
statement under the Securities Act and (ii) a portion of the Initial Notes issued on the date hereof will be offered and
sold by the Company to IAIs in accordance with Rule 501. Additional Notes offered after the date hereof may be offered and
sold by the Company from time to time pursuant to one or more purchase agreements or underwriting agreements, or otherwise in
accordance with applicable law.

 

(b) Global Notes.

 

(i) Public
Notes initially shall be represented by one or more Global Notes in definitive, fully registered, global form without interest
coupons (collectively, the “Public Global Notes”).

 

The Public
Global Notes initially shall (i) be registered in the name of the Depositary or a nominee of such Depositary, in each case
for credit to an account of a member of, or participant in, such Depositary (an “Agent Member”), and (ii) be delivered
to the Trustee as Securities Custodian for such Depositary.

 

Members of,
or direct or indirect participants in, the Depositary shall have no rights under the Indenture with respect to any Public Global
Note held on their behalf by the Depositary, or the Trustee as its custodian, or under the Public Global Notes. The Depositary
may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of the Public Global
Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any
agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by
the Depositary, or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Note.

 

(ii) Transfers
of Public Global Notes shall be limited to transfer in whole, but not in part, to the Depositary, its successors or their respective
nominees. Interests of beneficial owners in the Public Global Notes may be transferred or exchanged for Unrestricted Definitive
Notes only in accordance with the applicable rules and procedures of the Depositary and the provisions of Section 2.2
of this Appendix. In addition, a Public Global Note shall be exchangeable for Unrestricted Definitive Notes if (x) the Depositary
(1) notifies the Company that it is unwilling or unable to continue as depository for such Public Global Note and the Company
thereupon fails to appoint a successor depository within 90 days or (2) has ceased to be a clearing agency registered under
the Exchange Act, (y) the Company, at its option, notifies the Trustee that it elects to cause the issuance of Unrestricted
Definitive Notes or (z) there shall have occurred and be continuing an Event of Default with respect to such Public Global
Note and the Depositary shall have requested such exchange. In all cases, Unrestricted Definitive Notes delivered in exchange for
any Public Global Note or beneficial interests therein shall be registered in the names, and issued in any approved denominations,
requested by or on behalf of the Depositary in accordance with its customary procedures.

 

(iii) In
connection with the transfer of a Public Global Note as an entirety to beneficial owners pursuant to subsection (ii) of this
Section 2.1(b), such Public Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company
shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depositary
in writing in exchange for its beneficial interest in such Public Global Note, an equal aggregate principal amount of Unrestricted
Definitive Notes of authorized denominations.

 

     

     

    

 

(iv) The
Holder of any Public Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that
may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Notes.

 

(c)        Definitive
Notes. IAI Notes initially shall be represented by one or more Restricted Definitive Notes in definitive, fully registered form
without interest coupons (collectively, the “IAI Definitive Notes”).

 

2.2 Transfer and Exchange.

 

(a)  Transfer
and Exchange of Public Global Notes. A Public Global Note may not be transferred as a whole except as set forth in Section 2.1(b) of
this Appendix. Public Global Notes will not be exchanged by the Company for Unrestricted Definitive Notes except under the circumstances
described in Section 2.1(b)(ii) of this Appendix. Beneficial interests in a Public Global Note may be transferred and
exchanged as provided in Section 2.2(b) or 2.2(h) of this Appendix.

 

(b)  Transfer
and Exchange of Beneficial Interests in Public Global Notes. The transfer and exchange of beneficial interests in the Public Global
Notes shall be effected through the Depositary, in accordance with the provisions of the Indenture and the applicable rules and
procedures of the Depositary. Beneficial interests in Public Global Notes shall be transferred or exchanged only for beneficial
interests in Public Global Notes. Transfers and exchanges of beneficial interests in the Public Global Notes also shall require
compliance with subparagraph (i) below, as well as one or more of the other following subparagraphs, as applicable:

 

(i) 
Transfer of Beneficial Interests in the Same Global Note. A beneficial interest in a Public Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in a Public Global Note. No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i).

 

(c)  Transfer
and Exchange of Beneficial Interests in Public Global Notes for Unrestricted Definitive Notes. A beneficial interest in a Public
Global Note may not be exchanged for an Unrestricted Definitive Note except under the circumstances described in Section 2.1(b)(ii) of
this Appendix. A beneficial interest in a Public Global Note may not be transferred to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note except under the circumstances described in Section 2.1(b)(ii) of this Appendix.

 

(d)  Transfer
and Exchange of Definitive Notes for Beneficial Interests in Public Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Public Global Notes also shall require compliance with either subparagraph (i) or (ii) below,
as applicable:

 

(i) 
Transfer IAI Definitive Notes to Beneficial Interests in Public Global Notes. A Holder of an IAI Definitive Note may exchange such
IAI Definitive Note for a beneficial interest in a Public Global Note or transfer such IAI Definitive Note to a Person who takes
delivery thereof in the form of a beneficial interest in a Public Global Note only if the Registrar receives the following:

 

(A) if
the Holder of such IAI Definitive Note proposes to exchange such IAI Definitive Note for a beneficial interest in a Public Global
Note, a certificate from such Holder in the form attached to the applicable Note; or

 

     

     

    

 

(B) if
the Holder of such IAI Definitive Note proposes to transfer such IAI Definitive Note to a Person who shall take delivery thereof
in the form of a beneficial interest in a Public Global Note, a certificate from such Holder in the form attached to the applicable
Note,

 

and, in each
such case, if the Company reasonably so requests or if the applicable rules and procedures of the Depositary so require, an
Opinion of Counsel in form reasonably acceptable to the Company to the effect that such exchange or transfer is in compliance with,
or being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to
maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (i), the Trustee shall cancel
the IAI Definitive Notes and increase or cause to be increased the aggregate principal amount of the Public Global Note.

 

(ii) 
Unrestricted Definitive Notes to Beneficial Interests in Public Global Notes. A Holder of an Unrestricted Definitive Note may exchange
such Unrestricted Definitive Note for a beneficial interest in a Public Global Note or transfer such Unrestricted Definitive Note
to a Person who takes delivery thereof in the form of a beneficial interest in an Public Global Note at any time in accordance
with the applicable rules and procedures of the Depositary. Upon receipt of a request for such an exchange or transfer, the
Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Public Global Notes.

 

(e)  Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance
with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e).

 

(i) 
IAI Definitive Notes to IAI Definitive Notes. An IAI Definitive Note may be transferred to and registered in the name of a Person
who takes delivery thereof in the form of an IAI Definitive Note if the Registrar receives the following:

 

(A) if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note;

 

(B) if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraph (A) above, a certificate in the form attached to the applicable Note; and

 

(C) if
such transfer will be made to the Company, a certificate in the form attached to the applicable Note.

 

(ii) 
IAI Notes to Unrestricted Definitive Notes. Any IAI Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the
Registrar receives the following:

 

     

     

    

 

(A) if
the Holder of such IAI Definitive Note proposes to exchange such IAI Definitive Note for an Unrestricted Definitive Note, a certificate
from such Holder in the form attached to the applicable Note; or

 

(B) if
the Holder of such IAI Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the form attached to the applicable Note,

 

and, in each
such case, if the Company so requests, an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such
exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the
Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act.

 

(iii) 
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of an Unrestricted Definitive Note may transfer such Unrestricted
Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt
of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions
from the Holder thereof.

 

(iv) 
Unrestricted Definitive Notes to IAI Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred
to a Person who takes delivery thereof in the form of, an IAI Definitive Note.

 

At such time
as all beneficial interests in a particular Public Global Note have been exchanged for Unrestricted Definitive Notes or a particular
Public Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Public Global Note shall be returned
to or retained and canceled by the Trustee in accordance with Section 2.12 of the Indenture.

 

(f) [Reserved].

 

(g)  Legend.

 

(i) 
Except as permitted by the following paragraph (iii), each Note certificate evidencing the IAI Definitive Notes (and all IAI Definitive
Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the form under the caption “Restricted
Note Legend” in Exhibit A to the Supplemental Indenture.

 

(ii) Each
Definitive Note shall bear the additional legend in Exhibit A to the Supplemental Indenture.

 

(iii) Any
Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend.

 

(h)  Cancellation
or Adjustment of Public Global Note. At such time as all beneficial interests in a particular Public Global Note have been exchanged
for Unrestricted Definitive Notes or a particular Public Global Note has been redeemed, repurchased or canceled in whole and not
in part, each such Public Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12
of the Indenture.

 

(i)  Obligations
with Respect to Transfers and Exchanges of Notes.

 

     

     

    

 

(i) To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Notes
and Global Notes at the Registrar’s request.

 

(ii) No
service charge shall be made for any registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to the Indenture).

 

(iii) Prior
to the due presentation for registration of transfer of any Note, the Company, the Trustee, a Paying Agent or the Registrar may
deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none
of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 

(iv) All
Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled
to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange.

 

(j)  No Obligation
of the Trustee.

 

(i) The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or
the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all
payments to be made to the Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary
or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through
the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may conclusively rely and shall
be fully protected in so relying upon information furnished by the Depositary with respect to its members, participants and any
beneficial owners.

 

(ii) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary participants, members or beneficial owners in any Public Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required
by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.

 

     

     

    

 

EXHIBIT A

 

[Global Note Legend]

 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE INDENTURE) OR A NOMINEE
THEREOF. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR ITS NOMINEE
ONLY IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES
IN DEFINITIVE FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

[Restricted Note Legend]

 

“THE NOTE (OR ITS PREDECESSOR) EVIDENCED
HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE NOTE EVIDENCED HEREBY
IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES
ACT PROVIDED BY RULE 506 OF REGULATION D PROMULGATED THEREUNDER. THE HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT
OF THE COMPANY THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IN FORM REASONABLY ACCEPTABLE TO THE COMPANY
IF THE COMPANY REASONABLY SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN
EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE NOTE EVIDENCED HEREBY OF THE
RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE.”

 

     

     

    

 

Each Definitive Note shall bear the following
additional legend:

 

“IN CONNECTION WITH ANY TRANSFER,
THE HOLDER WILL DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS THE REGISTRAR AND THE COMPANY MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.”

 

     

     

    

 

BABCOCK & WILCOX ENTERPRISES, INC.

 

8.125% Senior Note due 2026

 

No.

[CUSIP No. ]

[ISIN No. ]

 

Principal Amount

$[_________]

 

Babcock &
Wilcox Enterprises, Inc., a Delaware corporation (hereinafter called the “Company”, which term includes
any successor Person under the Indenture referred to below), for value received, hereby promises to pay to [Cede & Co.][name
of other Holder], or registered assigns, the principal sum of [________] Dollars (U.S. $[________])[, as the same may be revised
from time to time on the Schedule of Increases or Decreases in Global Note attached hereto,]1
on February 28, 2026 (the “Maturity Date”) and to pay interest thereon from January 25,
2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on January 31,
April 30, July 31 and October 31 in each year and on the Maturity Date (each an “Interest Payment Date”),
beginning April 30, 2021 at the rate of 8.125% per annum, until the principal hereof is paid or duly made available for payment.
The interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in such Indenture,
be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the
regular record date for such interest, which shall be the January 15, April 15, July 15 and October 15 (whether
or not a Business Day), as the case may be, preceding such Interest Payment Date, and the January 15 immediately preceding
the Maturity Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment
Date shall forthwith cease to be payable to the Holder hereof on the relevant regular record date by virtue of having been such
Holder, and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of
business on a special record date for the payment of defaulted interest (pursuant to Section 2.13 of the Indenture) to be
fixed by the Trustee, notice whereof shall be given to Holders of the Notes not less than 15 days prior to such special record
date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture.

 

The amount of interest
payable for any interest period, including interest payable for any partial interest period, will be computed on the basis of a
360-day year comprised of twelve 30-day months. If an interest payment date falls on a non-Business Day, the applicable interest
payment will be made on the next Business Day and no additional interest will accrue as a result of such delayed payment.

 

Payment of the principal
of (and premium, if any) and the interest on this Note shall be made at the designated office of the Trustee (as defined below)
at The Bank of New York Mellon Trust Company, N.A., 2 North LaSalle Street, 7th Floor, Chicago, IL 60602, in such
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided,
however, for so long as the Notes are represented in global form by one or more Global Notes, all payments of principal (and premium,
if any) and interest shall be made by wire transfer of immediately available funds to the Depositary or its nominee, as the case
may be, as the registered owner of the Global Note representing such Notes. In the event that definitive Notes shall have been
issued, all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds
to the accounts of the registered Holders thereof; provided, that the Company may at its option pay interest by check to the registered
address of each Holder of a definitive Note.

 

 

1 Use the Schedule of Increases and Decreases language
if the Note is in global form.

 

     

     

    

 

This Note is one of
the duly authorized Series of Notes of the Company, designated as the Company’s “8.125% Senior Notes due 2026”,
initially limited to an aggregate principal amount of $160,000,000 all issued or to be issued under and pursuant to that certain
Indenture, dated as of February 12, 2021 (the “Base Indenture”), as supplemented by that certain First
Supplemental Indenture, dated as of February 12, 2021 (the “Supplemental Indenture,” and together with
the Base Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A.,
as trustee (hereinafter referred to as the “Trustee”)). Reference is hereby made to the Indenture for a description
of the respective rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Notes.

 

The Company may redeem
the Notes as a whole or in part, at any time and from time to time at the Company’s option (i) on or after February 28,
2022 and prior to February 28, 2023, at a price equal to $25.75 per $25.00 principal amount of a Note, plus accrued and unpaid
interest to, but excluding, the date of redemption, (ii) on or after February 28, 2023 and prior to February 29,
2024, at a price equal to $25.50 per $25.00 principal amount of a Note, plus accrued and unpaid interest to, but excluding, the
date of redemption, (iii) on or after February 29, 2024 and prior to February 28, 2025, at a price equal to $25.25
per $25.00 principal amount of a Note, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iv) on
or after February 28, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid
interest to, but excluding, the date of redemption. In each case, redemption shall be upon notice not fewer than 30 days and not
more than 60 days prior to the date fixed for redemption.

 

If less than all of
the Notes are to be redeemed, the Notes to be redeemed shall be selected not more than 45 days prior to the redemption date by
the Trustee from the outstanding Notes not previously called for redemption, by lot, or in the Trustee’s discretion, on a
pro-rata basis, provided that the unredeemed portion of the principal amount of any Notes will be in an authorized denomination
(which will not be less than the minimum authorized denomination) for such Notes. The Trustee will promptly notify the Company
in writing of the Notes selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount
thereof to be redeemed.

 

The Notes are not subject
to any sinking fund.

 

If an Event of Default
with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Notes of each Series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time
outstanding of each Series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages
in aggregate principal amount of the Notes of any Series at the time outstanding, on behalf of the Holders of all Notes of
such Series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Note.

 

     

     

    

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the right of the Holder of this Note,
which is absolute and unconditional, to receive payment of the principal of and interest on this Note at the times herein and
in the Indenture prescribed and to institute suit for the enforcement of any such payment unless the Holder of this Note shall
have consented to the impairment of such right.

 

As provided in the
Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered in the register kept
by the Registrar, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place
where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or by his attorney
duly authorized in writing, and thereupon one or more new Notes of this Series and of any authorized denominations and of
a like aggregate principal amount and tenor, shall be issued to the designated transferee or transferees.

 

The Notes are issuable
only in registered form without coupons in minimum denominations of $25 and integral multiples of $25 in excess thereof. Subject
to certain limitations therein set forth in the Indenture and in this Note, the Notes are exchangeable for a like aggregate principal
amount of Notes of this Series in different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge shall
be made for any such registration of transfer or for exchange of this Note, but the Company or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer
or exchange of a Note, other than in certain cases provided in the Indenture.

 

Prior to due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Indenture contains
provisions whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject to certain exceptions)
or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each
case if the Company irrevocably deposits with the Trustee money or Government Securities sufficient to pay and discharge the entire
indebtedness on all Notes of this Series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 

This Note shall be
governed by and construed in accordance with the laws of the State of New York.

 

All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Unless the certificate
of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature (which may
be scanned, photocopied or faxed or otherwise signed electronically (including by DocuSign or Adobe Sign)) of one of its authorized
signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

IN WITNESS WHEREOF,
the Company has caused this instrument to be duly executed.

 

Dated:

 

	 	BABCOCK & WILCOX ENTERPRISES, INC.

 

	 	By:	                                     
	 	Name:	 
	 	Title:	 

 

     

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

This is one of the Notes of the Series designated
therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 

	 	By: 	                              
	 	Name:
	 	Title:

 

* If the Note is to be issued in global
form, add the Global Notes Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL NOTES—SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE.”

 

     

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note
to:

 

	 
	(Print or type assignee’s name, address and zip code)

 

	 
	(Insert assignee’s soc. sec. or tax identification No.)

 

and irrevocably appoint __________________
as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

	Date:	 	 	Your Signature:	 

 

Sign exactly as your name appears on the
other side of this Note.

 

	Signature Guarantee:	Signature of Signature Guarantee:	 

 

	Date:	 	 

Signature must be guaranteed by a participant in a

recognized signature guaranty medallion program or other

signature guarantor program reasonably acceptable to the

Trustee 

 

     

     

    

 

Babcock & Wilcox Enterprises, Inc.

1200 East Market Street

Suite 650

Akron, OH 44305

 

The Bank of New York Mellon Trust Company, N.A.

2 North LaSalle Street, 7th Floor,

Chicago, IL 60602

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

TRANSFER OF IAI DEFINITIVE NOTES

 

This certificate relates to $ ____________
principal amount of Notes held in definitive form by the undersigned Holder.

 

The undersigned Holder has requested the
Trustee by written order to exchange or register the transfer of a Note or Notes.

 

In connection with any exchange or transfer
of any of the Notes evidenced by this certificate occurring prior to the expiration of the applicable period referred to in Rule144(d) under
the Securities Act of 1933, as amended (the “Securities Act”), the undersigned confirms that such Notes are being transferred
in accordance with its terms or otherwise delivered:

 

CHECK ONE BOX BELOW

 

(1)  ̈
to the Company or subsidiary thereof; or

 

(2)  ̈
to the Registrar for registration in the name of the undersigned Holder, without transfer; or

 

(3)  ̈
to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act) that has furnished to the Trustee a signed letter containing certain representations and agreements in the form attached as
Exhibit B to the Supplemental Indenture;

 

(4)  ̈
pursuant to another available exemption from registration provided by Rule 144 under the Securities Act; or

 

(5) ☐
pursuant to an effective registration statement under the Securities Act.

 

     

     

    

 

Unless one of the boxes is checked, the
Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person other than the registered
Holder thereof; provided, however, that if box (3) or (4) is checked, the Company or the Trustee may require, prior
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the
Trustee have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction
not subject to, the registration requirements of the Securities Act.

 

	Date:	 	 	Your Signature:	 

	Signature Guarantee:	Signature of Signature Guarantee:	 

 

	Date:	 	 

Signature must be guaranteed by a participant
in a

recognized signature guaranty medallion
program or other

signature guarantor program reasonably
acceptable to the

Trustee

 

     

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The initial principal amount of this Global Note is $ 125,000,000.
The following increases or decreases in this Global Note have been made:

 

	Date of Increase /

 Decrease	Amount of

decrease in
 Principal

Amount of this

Global Note
	Amount of

increase
 in Principal

Amount

of this Global

Note
	Principal
amount

of this Global

Note following

such
 decrease or

increase
	Signature
of

authorized

signatory of

Trustee or

Securities

Custodian

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT B

 

[FORM OF]

TRANSFEREE LETTER OF REPRESENTATION

 

Babcock & Wilcox Enterprises, Inc.

1200 East Market Street

Suite 650

Akron, OH 44305

 

Ladies and Gentlemen:

 

This CERTIFICATE IS DELIVERED TO REQUEST
A TRANSFER OF $___________ PRINCIPAL AMOUNT OF THE 8.125% SENIOR NOTES DUE 2026 (THE “NOTES”) OF BABCOCK &
WILCOX ENTERPRISES, INC. (THE “COMPANY”).

 

Upon transfer, the Notes would be registered in the name of
the new beneficial owner as follows:

 

Name:

Address:

Taxpayer ID Number:

 

The undersigned represents and warrants to you that:

 

(1) We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the
 “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor”
at least $100,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale in connection
with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar
to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic
risk of our or its investment.

 

(2) We understand that the Notes
have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted in the following
sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date that is twelve months after the later of the date of original issue and the last
date on which either the Company or any affiliate of such Company was the owner of such Notes (or any predecessor thereto) (the
 “Resale Restriction Termination Date”) only (a) pursuant to an exemption from registration under the Securities
Act provided by Rule 144 thereunder (if applicable) or such other exemption as may be available or (b) pursuant to an
effective registration statement under the Securities Act, in each of cases (a) through (b) in accordance with any applicable
securities laws of any state of the United States. In addition, we will, and each subsequent holder is required to, notify any
purchaser of the Note evidenced hereby of the resale restrictions set forth above. The foregoing restrictions on resale will not
apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made
to an institutional “accredited investor” prior to the Resale Restriction Termination Date, the transferor shall deliver
a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among
other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution
in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the
offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clause (a) above
to require the delivery of an opinion of counsel, certifications or other information reasonably satisfactory to the Company and
the Trustee.

 

Dated:

 

TRANSFEREE:

 

By:Exhibit 10.1

 

EXECUTION
VERSION

 

AMENDMENT NO. 2 TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

This AMENDMENT NO. 2 TO AMENDED AND
RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of February 8, 2021, 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, for purposes of Sections 1, 2,
5(a), 6, and 8 hereof, acknowledged and agreed by certain Subsidiaries of the Borrower, as Guarantors, and,
for purposes of Section 5(b), B. Riley Financial, Inc., as Limited Guarantor.

 

W I T N E S S E T H:

 

WHEREAS, the
Borrower, the Administrative Agent and the Lenders have entered into that certain Amended and Restated Credit Agreement, dated
as of May 14, 2020 (as amended through Amendment No. 1, dated as of October 30, 2020, 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
(as amended hereby)), pursuant to which the Revolving Credit Lenders have provided the Revolving Credit Facility to the Borrower
and the Term Loan Lenders have provided the Term Loan Facility to the Borrower; and

 

WHEREAS, the
Borrower has requested that (i) the Administrative Agent and the Required Lenders agree to, among other items, amend Section 7.01
(Indebtedness) to permit the incurrence of unsecured bonds in a principal amount of up to $165,000,000 (plus additional
deemed issued amounts) and (ii) the Administrative Agent, the Required Lenders and the Term Loan Lenders agree to a decrease
in the interest rate applicable to Term Loans upon the incurrence of such unsecured bonds; and

 

WHEREAS, the
Borrower, the Administrative Agent and the Lenders signatory hereto are willing to effect such amendments 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.	Amendments to the Credit Agreement.

 

The Credit Agreement is, effective as of
the Amendment No. 2 Effective Date, hereby amended as follows:

 

		(a)	Section 1.01 (Defined Terms) of the Credit Agreement shall be amended by inserting
the following new definitions in the appropriate alphabetical order in Section 1.01:

 

    

     

    

 

“Amendment No. 2”
means that certain Amendment No. 2, dated as of the Amendment No. 2 Effective Date, by and among the Loan Parties, the
Administrative Agent and the Lenders party thereto.

 

“Amendment No. 2
Effective Date” means February 8, 2021, the date on which the conditions precedent to the effectiveness of Amendment
No. 2 were satisfied.

 

“Cashless Term Loan Prepayment”
means the deemed optional prepayment of the principal amount of Term Loans by the Borrower pursuant to Section 2.05(a)(i),
which prepayments shall be effectuated by the conversion or exchange (x) on or prior to February 28, 2021 (which date,
upon written notice to the Administrative Agent, may be extended to permit a shareholder vote with respect to the Borrower, as
needed to obtain required regulatory approvals or allow for the expiration of any regulatory waiting period (including under the
Hart-Scott-Rodino Act), in each case, as necessary to effectuate all or any portion of such conversion or exchange) of Term Loans
in an aggregate principal amount deemed purchased not to exceed $50,000,000 into Stock or Stock Equivalents (other than Disqualified
Stock) of the Borrower by reducing the principal amount of Term Loans on a dollar-for dollar basis based on a price determined
by the Borrower and the Team Loan Lenders, which generally will be based on the market price of common stock of the Borrower (or
such other price as may be required by the applicable rules and regulations of the NYSE) and/or (y) on or prior to February 17,
2021 of Term Loans in an aggregate principal amount deemed purchased not to exceed $35,000,000 into Notes Indebtedness permitted
pursuant to Section 7.01(q) on a dollar-for dollar basis based on the principal amount of such deemed purchased
Notes Indebtedness.

 

“Fixed Rate Decrease Certificate”
means a certificate of a Responsible Officer certifying (i) the first date of issuance of Notes Indebtedness, (ii) the
interest rate per annum applicable to such Notes Indebtedness and (iii) the new rate per annum applicable to Fixed Rate Loans,
which shall be the rate per annum described in clause (ii), less 1.50%.

 

“Notes Indebtedness”
means obligations of the Borrower in respect to unsecured bonds.

 

		(b)	The proviso at the end of clause (a) of the definition of “Change of Control”
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:

 

provided that it shall not be deemed
to be a Change of Control if Vintage Capital Management, LLC, B. Riley FBR, Inc. or a related “person” or “group”
acceptable to the Administrative Agent and the Required Lenders becomes the beneficial owner of more than 30% of such equity securities
of the Borrower pursuant simultaneously with or after the 2020 Refinancing or any Cashless Term Loan Prepayment; or

 

    2

     

    

 

		(c)	The definition of “Commitment Reduction Amount” in Section 1.01 (Defined
Terms) 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:

 

“Commitment Reduction
Amount” means (x) for reductions under the Revolving Credit Commitments, (a) with respect to any Prepayment
Event under clause (a) of the definition thereof, the Net Cash Proceeds of such event required to be utilized pursuant to
Section 2.05(b) to make such a prepayment (including any amount that may be retained by the Borrower pursuant to Section 2.05(b)(iv)),
provided that with respect to any Prepayment Event under clause (a)(iii), such Commitment Reduction Amount shall be only an amount
equal to 50% of the Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to make such
a prepayment, and (b) with respect to the issuance or other incurrence by the Borrower or any of its Subsidiaries
of any unsecured Indebtedness pursuant to either (x) Section 7.01(i) in an aggregate principal amount outstanding
in excess of $25,000,00015,000,000 or (y) Section 7.01(o), in each case other than any such Indebtedness
that constitutes Subordinated Debt, an amount equal to 50% of the aggregate principal amount of the incurrence of such Indebtedness
and (c) with respect to the issuance or other incurrence by the Borrower or any of its Subsidiaries of any Notes Indebtedness
(other than as a result of a Cashless Term Loan Prepayment), an amount equal to 75% of the aggregate principal amount of the incurrence
of such Indebtedness and (y) for reductions under the Term Loan Working Capital Commitments, with respect to any Prepayment
Event under clause (a)(iii) of the definition thereof in connection with Prepayment Events, an amount equal to 50% of the
Net Cash Proceeds of such event required to be utilized pursuant to Section 2.05(b) to make such a prepayment.

 

		(d)	The definition of “Fixed Rate” 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:

 

“Fixed Rate”
means a fixed rate per annum equal to 12.00%; provided that, upon the delivery of a Fixed Rate Decrease Certificate to the Administrative
Agent, the Fixed Rate shall be decreased to the rate set forth therein effective on the date immediately after the date of issuance
of any Notes Indebtedness as specified therein (provided that, if the Administrative Agent receives a Fixed Rate Decrease Certificate
after the date of issuance of any Notes Indebtedness as described in such certificate, such certificate shall be deemed to have
been delivered on the later of (A) the date of issuance of any Notes Indebtedness as described in such certificate and (B) the
most recent Interest Payment Date with respect to the Fixed Rate Loans).

 

		(e)	Clause (b) of the definition of “Prepayment Event” 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:

 

(b) the incurrence by the
Borrower or any of its Subsidiaries of any Indebtedness, other than Indebtedness permitted under Section 7.01, but including
any Notes Indebtedness permitted pursuant to Section 7.01(q).

 

    3

     

    

 

		(f)	The definition of “Restricted Payment” in Section 1.01 (Defined Terms)
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:

 

“Restricted Payment”
means (a) any dividend, distribution or any other payment whether direct or indirect, on account of any Stock or Stock Equivalents
of the Borrower or any of its Subsidiaries now or hereafter outstanding, except a dividend payable solely in Stock or Stock Equivalents
(other than Disqualified Stock) or a dividend or distribution payable solely to the Borrower or one or more Guarantors, (b) any
redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any Stock
or Stock Equivalents of the Borrower or any of its Subsidiaries now or hereafter outstanding other than one payable solely to the
Borrower or one or more Guarantors, (c) any payment or prepayment of principal, premium (if any), interest, fees (including
fees to obtain any waiver or consent in connection with any Indebtedness) or other charges on, or redemption, purchase, retirement,
defeasance, sinking fund or similar payment with respect to, any Subordinated Debt of the Borrower or any other Loan Party, other
than any Intercompany Subordinated Debt Payment, COVID-19 Relief Indebtedness permitted under Section 7.01 or any required
(in each case) payment, prepayment, redemption, retirement, purchases or other payments, in each case to the extent permitted to
be made by the terms of such Subordinated Debt, and(d) any payment in connection with matured or drawn
obligations with respect to the AECI Letter of Credit or Tranche A-7 Letters of Credit, except in the form of payments or prepayments
of Tranche A-5 Term Loans or Tranche A-7 Term Loans, as applicable, in each case subject to the provisions of Article XI
and any other subordination terms set forth herein and (e) any payment or prepayment of principal, premium (if any), interest,
fees (including fees to obtain any waiver or consent in connection with any Indebtedness, but excluding customary fees payable
on the date of incurrence of Note Indebtedness) or other charges on, or redemption, purchase, retirement, defeasance, sinking fund
or similar payment with respect to, any Note Indebtedness of the Borrower or any other Loan Party, other than, so long as no Event
of Default shall have occurred and be continuing on the date of payment thereof, regularly scheduled payments of interest required
to be made on any Notes Indebtedness. For the avoidance of doubt, any Cashless Term Loan Prepayment (including any payment
of outstanding interest on the date of such prepayment) and payments to any Term Loan Lender, in its capacity as such, under the
B. Riley Fee Letter shall not be considered “Restricted Payments” under this definition.

 

    4

     

    

 

		(g)	The second sentence of clause (a)(i) of Section 2.05 (Prepayments) 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:

 

Each such notice shall (x) specify
the date and amount of such prepayment and the Facility, Type(s) and, if applicable, Tranche, of Loans to be prepaid and,
if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans and (y) in the case of a prepayment
that is a Cashless Term Loan Prepayment, such notice shall be accompanied by (I) a certificate of a Responsible Officer to
the Administrative Agent, countersigned by each of the Term Loan Lenders, certifying that the requirements for such Cashless Term
Loan Prepayment have been satisfied and the amount of any Cashless Term Loan Prepayment and (II) any other tax documentation
reasonably requested by the Administrative Agent from the Borrower or any applicable Term Loan Lender.

 

		(h)	The fifth and sixth sentences of clause (a)(i) of Section 2.05 (Prepayments) of
the Credit Agreement shall be further amended by inserting the text underlined below and deleting the text stricken below to read
in its entirety as follows:

 

Any Additional Cashless
Term Loan Prepayment of a Fixed Rate Loan shall be accompanied by all accrued interest on the amount prepaid (including
the capitalization of any interest to be paid in kind) to the extent that such interest is permitted to be paid under
Section 11.01. Subject to Section 2.16, each such prepayment shall be paid to the Lenders in accordance
with their respective Applicable Percentages in respect of each of the relevant Facilities and Tranches; provided that, if a
joint notice signed by each Term Loan Lender in form reasonably satisfactory to the Administrative Agent is delivered to the Administrative
Agent at least one Business Day prior to the date of a Cashless Term Loan Prepayment, such prepayment shall be applied among the
Term Loan Lenders as directed by such joint notice.

 

		(i)	Section 2.05 (Prepayments) of the Credit Agreement shall be further amended by inserting
a new clause (iv) to subsection (a) to read in its entirety as follows:

 

(iv) The
Administrative Agent shall apply a Cashless Term Loan Prepayment by reducing the principal of the outstanding Term Loans to be
prepaid as set forth in the relevant notice described in clause (i) of this Section 2.05(a).

 

		(j)	Section 2.08 (Interest) of the Credit Agreement shall be further amended by inserting
a new clause (iii) to subsection (d) to read in its entirety as follows:

 

(iii) The
Borrower shall deliver to the Administrative Agent and the Term Loan Lenders a Fixed Rate Decrease Certificate on the date of the
first issuance of Notes Indebtedness. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability
for relying upon, any Fixed Rate Decrease Certificate. The Administrative Agent shall not be responsible for or have any duty to
request any Fixed Rate Decrease Certificate or ascertain or inquire into any Fixed Rate Decrease Certificate or the contents of
any Fixed Rate Decrease Certificate.

 

    5

     

    

 

		(k)	Section 6.15 (Payment of Taxes, Etc.) 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:

 

Payment of Taxes, Etc. The
Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge (or cause to be paid and discharged) before the
same shall become delinquent, all lawful governmental claims, taxes, assessments, charges and levies made, assessed, filed or otherwise
imposed on or against any of them, except where (a) contested in good faith, by proper proceedings and adequate reserves therefor
have been established on the books of the Borrower or the appropriate Subsidiary in conformity with GAAP or (b) the failure
to so pay and discharge would not, (i) in the aggregate, reasonably be expected to have a Material
Adverse Effect, and (ii) with respect to any such claims, taxes, assessments, charges and levies made, assessed, filed
or otherwise imposed on or against the Borrower, reasonably be expected to have a material adverse change in, or a material adverse
effect upon, the operations, business, assets, properties, liabilities (actual or contingent), or condition (financial or otherwise)
of the Borrower.

 

		(l)	Clause (o) of Section 7.01 (Indebtedness) of the Credit Agreement shall be amended
by inserting the text underlined below to read in its entirety as follows:

 

(o) unsecured
Indebtedness incurred prior to the Amendment No. 2 Effective Date of any Loan Party so long as at the time of incurrence
of such Indebtedness (i) no Default has occurred and is continuing or would result therefrom and (ii) the Borrower and
its Subsidiaries are in pro forma compliance with the financial covenants set forth in Section 7.16 immediately
before and after giving effect to the incurrence of such Indebtedness;

 

		(m)	Clause (q) of Section 7.01 (Indebtedness) 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:

 

(q) [reserved]Notes
Indebtedness of the Borrower issued on or prior to February 17, 2021 in an aggregate principal amount not to exceed $165,000,000
(plus the principal amount of Term Loans converted or exchanged into Notes Indebtedness pursuant to a Cashless Term Loan
Prepayment) at any time outstanding; provided that (i) at the time of any issuance thereof, no Default or Event of Default
shall have occurred and be continuing or may result therefrom, (ii) such Notes Indebtedness shall mature no earlier than February 8,
2026 and shall not have any scheduled amortization or payments of principal prior to such maturity date, (iii) the documentation
governing such Notes Indebtedness shall not require any mandatory prepayments, redemptions or sinking fund obligations prior to
the Revolving Credit Facility Termination Date, other than a customary acceleration right after an event of default, (iv) the
interest rate applicable to such Notes Indebtedness shall not exceed the rate in effect on the date of issuance of such Notes Indebtedness
(which shall in no event exceed 9.00% per annum), plus the default rate in effect on the date of issuance of such Notes
(which shall in no event exceed 4.00% per annum), provided that such default interest shall only accrue and not be paid in cash,
(v) the documentation governing such Notes Indebtedness shall not be modified to add any event of default or add or make more
restrictive to the Borrower or any Loan Party or its subsidiaries any covenant as set forth in the form of base Indenture, as supplemented
by the form of First Supplemental Indenture, in each case, delivered to the Administrative Agent on February 7, 2021, and
(vi) such Notes Indebtedness shall continue to be unsecured and shall not be guaranteed by any Person;

 

    6

     

    

 

		(n)	Section 7.08 (Transactions with Affiliates) of the Credit Agreement shall be amended
as follows:

 

		(i)	deleting the word “and” after current clause (h) thereof;

 

		(ii)	inserting the text “;” in replacement of the text “.” at the end of current
clause (i) thereof; and

 

		(iii)	inserting new clauses (j) and (k) to read in their entirety as follows:

 

(j) any Cashless Term Loan
Prepayment, including the incurrence of the Notes Indebtedness and issuance of Stock and Stock Equivalents that is converted or
exchanged from Term Loans; and

 

(k) the issuance of Stock
and Stock Equivalents (other than Disqualified Stock) of the Borrower and not otherwise constituting or giving rise to a Change
of Control.

 

		(o)	Clause (e) of Section 8.01 (Events of Default) 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:

 

(e) Cross-Default.
(i) the Borrower or any of its Subsidiaries shall fail to make any payment on any recourse Indebtedness of the Borrower or
any such Subsidiary (other than the Obligations (except Obligations under Secured Cash Management Agreements and Secured Hedge
Agreements, which are expressly covered by this clause (e))) or any Guaranty Obligation in respect of Indebtedness of any other
Person, and, in each case, such failure relates to Indebtedness (x) having a principal amount in excess of $25,000,000 when
the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand, early termination event
or otherwise), or (y) under any foreign revolving credit facility, whether committed or uncommitted or
(z) that is Notes Indebtedness, (ii) any other event shall occur or condition shall exist under any agreement or
instrument relating to any such Indebtedness, if the effect of such event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Indebtedness or (iii) any such Indebtedness shall become or be declared to be due and payable, or
required to be prepaid or repurchased (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof;
provided that clauses (ii) and (iii) above shall not apply to secured Indebtedness that becomes due as a result
of the voluntary sale or transfer of the property or assets securing such Indebtedness; or

 

    7

     

    

 

		(p)	Section 11.01 (Payment Subordination) 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:

 

11.01 Payment Subordination.
The Term Loan Lenders agree that the Obligations with respect to the Term Loan Facility continue to be expressly subordinate and
junior in right of payment to all Obligations with respect to the Revolving Credit Facility (including any interest or entitlement
to fees or expenses or other charges with respect to the Revolving Credit Facility accruing after the commencement of any proceeding
under any Debtor Relief Law, whether or not such amounts are allowed in any proceeding), except for any payment of (a) any
payment expressly permitted to be made prior to the Restatement Effective Date under Section 11.01 of the Existing Credit
Agreement, (b) the 2020 Refinancing Term Loan Lender Expenses, (c) Cashless Term Loan Prepayments and (dc)
other than upon and during the continuance of an Event of Default, any interest on the Term Loans due on the applicable Interest
Payment Date or on any Cashless Term Loan Prepayment on the date that such prepayment is deemed made, and payments made
in lieu of interest pursuant to the B. Riley Fee Letter and any fees paid in connection with the Term Loans pursuant to the B.
Riley Fee Letter.

 

		(q)	Clause (a) of Section 11.02 (Turnover) of the Credit Agreement shall be amended
by inserting the text underlined below to read in its entirety as follows:

 

(a) Any
payment or distribution (whether in cash, property or securities) that may be received by any Term Loan Lender or its Affiliate
(including, in each case, in its capacity as a holder of Note Indebtedness) on account of any Obligations with respect to
the Term Loan Facility, the Note Indebtedness, the B. Riley Fee Letter or the 2020 Refinancing in violation of this Agreement
(including Section 7.05) shall be segregated and held in trust and promptly paid over to the Administrate Agent, for
the benefit of the Secured Parties, in each case, in the same form as received, with any necessary endorsements, and each of the
Term Loan Lenders hereby authorizes the Administrative Agent to make any such endorsements as agent for such Term Loan Lender or
its respective Affiliate (in each case, which authorization, being coupled with an interest, is irrevocable). All such payments
paid over to the Administrative Agent shall be, as applicable, used to prepay Revolving Credit Loans and, if the Revolving Credit
Loans are paid in full, Cash Collateralize Letters of Credit or applied in accordance with the provisions of Section 8.03.
For purposes of this Agreement, each Term Loan Lender agrees that in an any proceeding under any Debtor Relief Law or any other
judicial proceeding relative to any Loan Party of the Borrower, any debt or equity securities issued or to be issued by the reorganized
or liquidating Borrower or any reorganized or liquidating Loan Party that is allocated to any Term Loan Lender or Affiliate thereof
on account of the Term Loan Facility, the Notes Indebtedness, the B. Riley Fee Letter or the 2020 Refinancing in a plan
of reorganization or liquidation shall be deemed to be payments that are subject to the turnover provisions hereunder.

 

    8

     

    

 

		(r)	Clause (a) of Section 11.03 (Financing Matters) 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:

 

(a) If
the Administrative Agent or the Revolving Credit Lenders consent (or do not object) to the use of cash collateral under the Bankruptcy
Code or provide debtor-in-possession financing to any Loan Party under the Bankruptcy Code or consent (or do not object) to the
provision of such financing to any Loan Party by any third party, then each Term Loan Lender agrees that it (i) it
and, in any capacity as a holder of Note Indebtedness, any of its Affiliates will be deemed to have consented to, will raise
no objection to, nor support any other Person objecting to, the use of such cash collateral or to such debtor-in-possession financing
and (ii) it will not request or accept adequate protection or any other relief in connection with the use of such cash collateral
or such DIP Financing except as set forth in Section 11.04 below.

 

		(s)	Section 11.06 (Right to Appear) of the Credit Agreement shall be amended by inserting
the text underlined below to read in its entirety as follows:

 

11.06 Right to Appear. Prior
to the occurrence of the Revolving Credit Facility Termination Date, each of the Term Loan Lenders and its Affiliates may
appear in any proceeding under any Debtor Relief Law; provided, however, that no Term Loan Lender nor, in any
capacity as a holder of Note Indebtedness, any of its Affiliates may oppose any action or position taken or relief sought by
the Administrative Agent.

 

		2.	Additional Agreements and Acknowledgments

 

		(a)	The Borrower agrees to pay, or cause to be paid, to the Administrative Agent, for the account of
each Revolving Credit Lender, for application to the “Deferred Facility Fee” (as defined in the Existing Credit Agreement)
described in Section 2.09(d)(i) of the Credit Agreement (i) $1,000,000 in immediately available funds upon the Amendment
No. 2 Effective Date (the payment under this Section 2(a)(i), the “Prepaid Deferred Facility Fee”)
and (ii) $4,000,000 in immediately available funds with the first $4,000,000 of proceeds of Notes Indebtedness received by
the Borrower immediately upon receipt thereof.

 

		(b)	The Borrower and the other Loan Parties each acknowledge and agree that the breach or failure to
comply in any respect with the terms and conditions of this Section 2 shall constitute an immediate Event of Default
under Section 8.01 of the Credit Agreement.

 

    9

     

    

 

		3.	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. 2 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, the Limited Guarantor, the Administrative
Agent, the Required Lenders and each Term Loan Lender;

 

		(ii)	a certificate of the chief financial officer or treasurer of the Borrower certifying that as of
the Amendment No. 2 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. 2 Effective Date and (C) that since December 31,
2019, 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

 

		(iii)	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 as
of the date hereof and after giving effect to any incurrence of Notes Indebtedness permitted under the Credit Agreement (as amended
hereby) on a pro forma basis;

 

		(b)	the Administrative Agent shall have received on account of each Revolving Credit Lender, the Prepaid
Deferred Facility Fee;

 

		(c)	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. 2 Effective Date (without prejudice to any post-closing settlement of such fees, costs and expenses to
the extent not so invoiced); and

 

    10

     

    

 

		(d)	each of the representations and warranties made by the Borrower in Section 4 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 3, promptly provide written
notice to the Borrower, and the Lenders of the effectiveness of this Amendment.

 

		4.	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
or Event of Default exists;

 

		(b)	the representations and warranties contained in the Credit Agreement 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

 

    11

     

    

 

		(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.

 

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

 

		(a)	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:

 

		(i)	expressly consents to the amendments and modifications to the Credit Agreement effected hereby;

 

		(ii)	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;

 

		(iii)	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;

 

    12

     

    

 

		(iv)	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

 

		(v)	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).

 

		(b)	By its execution hereof, the Limited Guarantor, in its capacity under the Limited Guarantor, hereby:

 

		(i)	expressly consents to the amendments and modifications to the Credit Agreement effected hereby
and any amendments and modifications to the Credit Agreement effected prior to the date hereof;

 

		(ii)	expressly confirms and agrees that, notwithstanding the effectiveness of this Amendment and the
effectiveness of any amendments and modifications to the Credit Agreement effected prior to the date hereof, the Limited Guaranty,
is 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 Limited Guaranty; and

 

    13

     

    

 

		(iii)	acknowledges and agrees that the Limited 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).

 

		6.	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 6.

 

    14

     

    

 

		(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.

 

		7.	Entire Agreement.

 

This Amendment, the Credit Agreement
(including giving effect to the amendments set forth in Section 1 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 cancelled orally or otherwise, except in writing and in accordance
with Section 10.01 of the Credit Agreement.

 

    15

     

    

 

		8.	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.

 

		9.	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 3 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”), including DocuSign, shall be effective as delivery of a manually executed counterpart
of this Amendment.

 

		10.	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 herein by this reference.

 

    16

     

    

 

		11.	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 endeavour 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.

 

		12.	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.

 

		13.	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.

 

[Signature pages follow]

 

    17

     

    

 

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.
	 	 
	 	 
	 	By:	                          
	 	Name:
	 	Title:

 

	 	Acknowledged and Agreed for
    purposes of Sections 1, 2, 5(a), 6 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 CANADA CORP.
	 	Babcock & Wilcox SPIG, Inc.
	 	Babcock & Wilcox Technology, LLC
	 	babcock & wilcox DE mONTERREY, S.A. de c.v.
	 	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
	 	Ebensburg Energy, LLC
	 	O&M Holding Company
	 	Power Systems Operations, Inc.
	 	SOFCo EFS Holdings LLC
	 	The Babcock & Wilcox Company

 

[Babcock &
Wilcox Enterprises, Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	By:	 
	 	Name:
	 	Title:
	 
	 	EBENSBURG INVESTORS LIMITED PARTNERSHIP
	 	By: BABCOCK & WILCOX EBENSBURG POWER, LLC, as General Partner
	 	 
	 	By:	                     
	 	Name:
	 	Title:

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	Acknowledged and Agreed for purposes of Section 5(b) of
    the Amendment:
	
	 
	 
	 	B. RILEY FINANCIAL, inc.
	 
	 	By:	                
	 	Name:
	 	Title:

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No.2 Signature Page]

 

     

     

    

 

	 	Administrative Agent:
	 
	 	BANK OF AMERICA, N.A., as Administrative Agent
	 	 
	 	 
	 	By:	                  
	 	Name:
	 	Title:

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 - Signature Page]

 

     

     

    

 

	 	Lenders:
	 
	 	BANK OF AMERICA, N.A., as Lender and Swing Line Lender
	 
	 	By:	             
	 	Name:
	 	Title: 

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 - Signature Page]

 

     

     

    

 

	 	B. RILEY FINANCIAL, INC., as Lender
	 
	 
	 	By:	                  
	 	Name:
	 	Title:

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 - Signature Page]

 

     

     

    

 

	 	                                                                                        ,as
    Lender

 

 

	 	By:	        
	 	Name:
	
	 	Title:

 

[Babcock & Wilcox Enterprises, Inc.

Amendment No. 2 - Signature Page]

 

     

     

    

 

	 	                                                                                        ,as
    Lender

 

 

	 	By:	        
	 	Name:
	
	 	Title:

 

 

	 	By:	        
	 	Name:
	
	 	Title:

 

[Babcock &
Wilcox Enterprises, Inc.

Amendment No. 2 - Signature Page]

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