B&W Reports Executive Compensation, Officer Changes
Ticker: BW-PA · Form: 8-K · Filed: Jan 5, 2024 · CIK: 1630805
| Field | Detail |
|---|---|
| Company | Babcock & Wilcox Enterprises, INC. (BW-PA) |
| Form Type | 8-K |
| Filed Date | Jan 5, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $18,750 m |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: executive-changes, compensation, corporate-governance
TL;DR
**B&W filed an 8-K about executive changes and compensation, details to follow.**
AI Summary
Babcock & Wilcox Enterprises, Inc. filed an 8-K on January 5, 2024, reporting an event that occurred on December 29, 2023. This filing indicates a change in 'Compensatory Arrangements of Certain Officers' and 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers.' While the specific details of these changes are not provided in this summary filing, it signals potential shifts in executive compensation or leadership. For investors, this matters because changes in executive compensation or leadership can impact company strategy, performance, and ultimately, stock value.
Why It Matters
Changes in executive compensation or leadership can signal strategic shifts or governance adjustments, potentially impacting future company performance and investor confidence.
Risk Assessment
Risk Level: medium — The filing indicates changes in leadership and compensation without providing specifics, creating uncertainty about the impact on the company's future direction and stability.
Analyst Insight
A smart investor would monitor subsequent filings or company announcements for specific details regarding the executive changes and compensation arrangements to assess their potential impact on the company's strategic direction and financial health.
Key Players & Entities
- Babcock & Wilcox Enterprises, Inc. (company) — the registrant filing the 8-K
- December 29, 2023 (date) — date of the earliest event reported
- January 5, 2024 (date) — date the 8-K was filed
- 001-36876 (other) — Commission File Number for Babcock & Wilcox Enterprises, Inc.
- 47-2783641 (other) — IRS Employer Identification No. for Babcock & Wilcox Enterprises, Inc.
FAQ
What was the earliest event reported in this 8-K filing by Babcock & Wilcox Enterprises, Inc.?
The earliest event reported in this 8-K filing occurred on December 29, 2023.
What specific items were reported under 'ITEM INFORMATION' in this 8-K filing?
The 'ITEM INFORMATION' sections reported 'Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers' and 'Other Events'.
What is the full legal name of the registrant as specified in its charter?
The exact name of the registrant as specified in its charter is BABCOCK & WILCOX ENTERPRISES, INC.
Where is Babcock & Wilcox Enterprises, Inc. incorporated?
Babcock & Wilcox Enterprises, Inc. is incorporated in Delaware.
What is the business address and phone number of Babcock & Wilcox Enterprises, Inc. as listed in the filing?
The business address is 1200 East Market Street Suite 650, Akron, Ohio 44305, and the telephone number is (330) 753-4511.
Filing Stats: 703 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-01-05 16:05:34
Key Financial Figures
- $0.01 — e on which Registered Common stock, $0.01 par value per share BW New York Stock
- $18,750 m — ed term, Mr. Bartoli will receive (1) a $18,750 monthly fee, (2) 30,000 restricted stock
Filing Documents
- tm242137d1_8k.htm (8-K) — 31KB
- 0001104659-24-001788.txt ( ) — 259KB
- bw-20231229.xsd (EX-101.SCH) — 4KB
- bw-20231229_def.xml (EX-101.DEF) — 27KB
- bw-20231229_lab.xml (EX-101.LAB) — 38KB
- bw-20231229_pre.xml (EX-101.PRE) — 26KB
- tm242137d1_8k_htm.xml (XML) — 7KB
02 Departure of Directors or Certain
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.
01 Other Events
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, 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
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)