SEC Contract Filing

Filing Date: 2020-03-30

Document Content:
<DOCUMENT>
<TYPE>EX-10.56
<SEQUENCE>8
<FILENAME>a12312019-exhibit1056.htm
<DESCRIPTION>EXHIBIT 10.56
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2020 Workiva -->
 <title>Exhibit</title>
	</head>
	<body><div style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s533A2039834F5395C5BE739F5619378A"></a></div><div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.56</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">FIRST AMENDMENT</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">TO THE</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">BABCOCK &amp; WILCOX ENTERPRISES, INC.</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">DEFINED CONTRIBUTION RESTORATION PLAN</font></div><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Instrument of Amendment</font></div><div style="line-height:180%;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS INSTRUMENT is executed by Babcock &amp; Wilcox Enterprises, Inc., a Delaware corporation (the &#8220;Company&#8221;). </font></div><div style="line-height:138%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Statement of Purpose</font></div><div style="line-height:180%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Company sponsors the Babcock &amp; Wilcox Enterprises, Inc. Defined Contribution Restoration Plan (the &#8220;Plan&#8221;) to restore the benefits provided to participants in The B&amp;W Thrift Plan that are precluded by the application of Sections 401(a)(17) and 415(c) of the Internal Revenue Code of 1986, as amended. The Company, through its Board of Directors, has reserved the right in Article VIII of the Plan to amend the Plan at any time. By this instrument, the Company is amending the Plan to (i) reflect that the Company will not make Company Service Based Contributions with respect to Compensation earned on or after July 1, 2018; (ii) increase the percentage of Deferral Contributions with respect to which the Company makes Company Matching Contributions under the Plan and (iii) otherwise meet current needs. </font></div><div style="line-height:180%;padding-bottom:13px;text-align:justify;text-indent:312px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">NOW, THEREFORE, the Plan is hereby amended as follows to be effective July 1, 2018:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:180%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:180%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Section 2.13 of the Plan is hereby amended to read, in its entirety, as follows:</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:144px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:96px;"><font style="font-family:inherit;font-size:12pt;">&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.13</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;text-decoration:underline;">Company Service Based Contribution</font><font style="font-family:inherit;font-size:12pt;">. The total contributions credited to a Participant&#8217;s Company Service Based Account with respect to Compensation earned before July 1, 2018. Notwithstanding anything in the Plan to the contrary, no Company Service Based Contributions shall be made to the Plan with respect to any Compensation earned on or after July 1, 2018.&#8221; </font></div></td></tr></table><div style="line-height:180%;padding-left:0px;padding-bottom:13px;text-align:justify;text-indent:48px;"><font style="padding-bottom:13px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">2.</font><font style="font-family:inherit;font-size:12pt;">Subsection (a) of Section 3.2 of the Plan is hereby amended to read, in its entirety, as follows:</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Calibri,sans-serif;font-size:11pt;"><br></font></div></div><hr style="page-break-after:always"><div></div><div><br></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;padding-left:96px;font-size:12p