Babcock & Wilcox Enterprises Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 6, 2024, the Compensation Committee (the “Committee”) of the Board of Directors of Babcock & Wilcox Enterprises, Inc. (the “Company”) approved and established a long-term cash incentive program for fiscal years 2024-2026 (the “LTCIP”). Pursuant to the LTCIP, certain eligible employees (including each of the Company’s named executive officers) have a bonus opportunity weighted 50% on the Company’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for 2024 and 50% on the Company’s adjusted EBITDA for 2025. To the extent a LTCIP participant is eligible for a bonus based on the Company’s adjusted EBITDA for 2024 or 2025 and except as the Committee may otherwise provide, the participant will only earn the bonus if the participant remains employed with the Company or one of its subsidiaries through December 31, 2026; provided that the Committee may pay any such bonus opportunity corresponding to 2024 or 2025 following the end of that year (subject to clawback, unless otherwise provided by the Committee, if the participant ceases to be employed with the Company or one of its subsidiaries prior to December 31, 2026). The total LTCIP bonus opportunity for each of the Company’s named executive officers is as follows: Kenneth M. Young, Chief Executive Officer- $1,500,000; Jimmy B. Morgan, Chief Operating Officer - $1,100,000; Louis Salamone Jr., Chief Financial Officer - $1,050,000; John J. Dziewisz, Executive Vice President & Corporate Secretary - $900,000; and Christopher S. Riker, Sr. Vice President, Thermal Energy - $800,000. The LTCIP replaces the Company’s long-term cash incentive program for fiscal years 2023-2025, which had been adopted in May 2023.
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. | ||
May 10, 2024 |
By: | /s/ Louis Salamone |
| Louis Salamone | ||
| Executive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Accounting Officer and Duly Authorized Representative) | ||