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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 29, 2023
BABCOCK & WILCOX ENTERPRISES, INC. |
(Exact name of registrant as specified in its charter) |
Delaware |
|
001-36876 |
|
47-2783641 |
(State or other jurisdiction of
incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
1200
East Market Street
Suite 650
Akron, Ohio |
|
44305 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, including
Area Code: (330) 753-4511
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
Trading
Symbol |
Name of Each
Exchange on which
Registered |
Common stock, $0.01 par value per share |
BW |
New York Stock Exchange |
8.125% Senior Notes due 2026 |
BWSN |
New York Stock Exchange |
6.50% Senior Notes due 2026 |
BWNB |
New York Stock Exchange |
7.75% Series A Cumulative Perpetual Preferred Stock |
BW PRA |
New York Stock Exchange |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The Company is party to a letter agreement with
BRPI Executive Consulting, LLC (“BRPI”) dated November 19, 2018, as amended on April 22, 2020 and November 9, 2020 (the “Executive
Services Agreement”). Pursuant to the Executive Services Agreement, BRPI provides the Company with the services of Mr. Kenny Young
to serve as the Company’s Chief Executive Officer. On December 29, 2023, the Board of Directors of the Company approved a Third
Amendment to the Executive Services Agreement to extend the term of Mr. Young’s services through December 31, 2028, unless terminated
by either party with thirty days’ written notice. Except as provided in the preceding sentence, the provisions of the Executive
Services Agreement remain unchanged.
Item 8.01 Other Events
The Company is party to a Consultant Agreement
with Henry E. Bartoli, a member of the Company’s Board of Directors, dated November 5, 2020, as amended on January 5, 2022 (the
“Consulting Agreement”). Pursuant to the Consulting Agreement, Mr. Bartoli provides consulting services to The Babcock &
Wilcox Company (the “B&W Company”). On December 31, 2023, B&W Company and Mr. Bartoli entered into a second amendment
to the Consulting Agreement (the “Amendment”) that extends the term of the Consulting Agreement through December 31, 2024,
subject to earlier termination by either party as provided in the Consulting Agreement. The Amendment also provides that as consideration
for his consulting services during the extended term, Mr. Bartoli will receive (1) a $18,750 monthly fee, (2) 30,000 restricted stock
units, 15,000 of which will vest on each of June 30, 2024 and December 31, 2024, subject to Mr. Bartoli’s continued service through
the applicable vesting date, and (3) reimbursement for Mr. Bartoli’s cash expenses related to business travel. Except as provided
in the preceding sentence, the provisions of the Consulting Agreement remain unchanged.
Signatures
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
BABCOCK & WILCOX ENTERPRISES, INC. |
|
|
|
|
|
|
January 5, 2024 |
By: |
/s/ Louis Salamone |
|
|
Louis Salamone |
|
|
Executive Vice President, Chief Financial Officer and Chief Accounting Officer |
|
|
(Principal Accounting Officer and Duly Authorized Representative) |
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Dec. 29, 2023 |
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Document Period End Date |
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Entity File Number |
001-36876
|
Entity Registrant Name |
BABCOCK & WILCOX ENTERPRISES, INC.
|
Entity Central Index Key |
0001630805
|
Entity Tax Identification Number |
47-2783641
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
1200
East Market Street
|
Entity Address, Address Line Two |
Suite 650
|
Entity Address, City or Town |
Akron
|
Entity Address, State or Province |
OH
|
Entity Address, Postal Zip Code |
44305
|
City Area Code |
330
|
Local Phone Number |
753-4511
|
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Common Stock [Member] |
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Document Information [Line Items] |
|
Title of 12(b) Security |
Common stock, $0.01 par value per share
|
Trading Symbol |
BW
|
Security Exchange Name |
NYSE
|
8.125% Senior Notes due 2026 [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
8.125% Senior Notes due 2026
|
Trading Symbol |
BWSN
|
Security Exchange Name |
NYSE
|
6.50% Senior Notes due 2026 [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
6.50% Senior Notes due 2026
|
Trading Symbol |
BWNB
|
Security Exchange Name |
NYSE
|
7.75% Series A Cumulative Perpetual Preferred Stock [Member] |
|
Document Information [Line Items] |
|
Title of 12(b) Security |
7.75% Series A Cumulative Perpetual Preferred Stock
|
Trading Symbol |
BW PRA
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Security Exchange Name |
NYSE
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