Item 8.01 Other Events.
On November 5, 2020, The Babcock & Wilcox Company (the "B&W Company"), a
wholly-owned subsidiary of Babcock & Wilcox Enterprises, Inc. (the "Company"),
entered into a Consultant Agreement with Henry E. Bartoli, a member of the
Company's board of directors, to take effect January 1, 2021 (the "Consulting
Agreement"). Pursuant to the Consulting Agreement, Mr. Bartoli provided
consulting services to the B&W Company for a one-year term ending December 31,
2021. On January 5, 2022, the B&W Company and Mr. Bartoli entered into an
amendment to the Consulting Agreement (the "Amendment") that extends the term of
the Consulting Agreement through December 31, 2023, subject to earlier
termination by either party with thirty days' written notice. 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) 100,000 restricted
stock units which will vest 25% on each of June 30, 2022, December 31, 2022,
June 30, 2023 and December 31, 2023, subject to Mr. Bartoli's continued service
through the applicable vesting date, and (3) an opportunity to earn incentive
awards of $50,000 for each specified project booked or completed while Mr.
Bartoli is serving as a consultant of the B&W Company. The foregoing description
is qualified in its entirety by reference to the text of the Amendment, a copy
of which is filed as Exhibit 10.1 to this report, and the Consulting Agreement,
a copy of which is filed as Exhibit 10.3 to the Company's Current Report on Form
8-K filed with the SEC on November 10, 2020, each incorporated herein by this
reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Amendment to Consultant Agreement by and between The Babcock &
Wilcox Company and Henry E. Bartoli, dated January 5, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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